G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2744
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
URLhttps://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.
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