| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2744 |
| DP2744 Cross-Country Technology Diffusion: The Case of Computers | |
| Wilbur John Coleman II; Francesco Caselli | |
| 发表日期 | 2001-03-27 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper studies optimal fiscal and monetary policy under imperfect competition in a stochastic, flexible-price, production economy without capital. It shows analytically that in this economy the nominal interest rate acts as an indirect tax on monopoly profits. Unless the social planner has access to a direct 100% tax on profits, he will always find it optimal to deviate from the Friedman rule by setting a positive and time-varying nominal interest rate. The dynamic properties of the Ramsey allocation are characterized numerically. As in the perfectly competitive case, the labour income tax is remarkably smooth, whereas inflation is highly volatile and serially uncorrelated. An exact numerical solution method to the Ramsey conditions is proposed. |
| 主题 | International Macroeconomics |
| 关键词 | Optimal fiscal and monetary policy Imperfect competition Ramsey equilibria |
| URL | https://cepr.org/publications/dp2744 |
| 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/531800 |
| 推荐引用方式 GB/T 7714 | Wilbur John Coleman II,Francesco Caselli. DP2744 Cross-Country Technology Diffusion: The Case of Computers. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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