| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2446 |
| DP2446 Tax And Education Policy In A Heterogeneous Agent Economy: What Levels Of Redistribution Maximize Growth And Efficiency? | |
| Roland Benabou | |
| 发表日期 | 2000-05-30 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | We argue that the traditional question 'fixed vs. flexible exchange rates?' is not well-defined, because 'flexible exchange rates' does not explicitly specify any particular monetary policy. In traditional analyses, 'flexible exchange rates' was interpreted as implying a fixed money supply. But fixing the money supply (or fixing its growth rate at k%) is rarely advocated nowadays. To reflect today's policy debate, the traditional question should be replaced by the question 'fixed exchange rates vs. inflation targeting vs. price level targeting?'. We then build a simple macroeconomic model of a small open economy. The model incorporates an 'outside lag' in the effect of monetary policy on aggregate demand, so that inflation targeting and price level targeting are always imperfect. We use this model to compare the stabilization properties of three different monetary rules: a fixed exchange rate, a fixed inflation target, and a fixed price level target. We show that price level targeting is best for stabilizing output, the real exchange rate and the real interest rate, relative to their natural rates. |
| 主题 | International Macroeconomics |
| 关键词 | Fixed exchange rates Inflation targeting Price level targeting Stabilization |
| URL | https://cepr.org/publications/dp2446 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531527 |
| 推荐引用方式 GB/T 7714 | Roland Benabou. DP2446 Tax And Education Policy In A Heterogeneous Agent Economy: What Levels Of Redistribution Maximize Growth And Efficiency?. 2000. |
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