| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2949 |
| DP2949 Who Disciplines Management in Poorly Performing Companies? | |
| Julian Franks; Colin Mayer; Luc Renneboog | |
| 发表日期 | 2001-09-22 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper studies optimal fiscal and monetary policy under sticky product prices. The theoretical framework is a stochastic production economy without capital. The government finances an exogeneous stream of purchases by levying distortionary income taxes, printing money, and issuing one-period nominally risk-free bonds. The main findings of the Paper are: First, for a miniscule degree of price stickiness (ie. many times below available empirical estimates) the optimal volatility of inflation is near zero. This result stands in stark contrast with the high volatility of inflation implied by the Ramsey allocation when prices are flexible. The finding is in line with a recent body of work on optimal monetary policy under nominal rigidities that ignores the role of optimal fiscal policy. Second, even small deviations from full price flexibility induce near random walk behaviour in government debt and tax rates, as in economies with real non-state-contingent debt only. Finally, sluggish price adjustment raises the average nominal interest rate above the one called for by the Friedman rule. |
| 主题 | International Macroeconomics |
| 关键词 | Optimal fiscal and monetary policy Sticky prices Optimal inflation volatility Tax smoothing |
| URL | https://cepr.org/publications/dp2949 |
| 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/531996 |
| 推荐引用方式 GB/T 7714 | Julian Franks,Colin Mayer,Luc Renneboog. DP2949 Who Disciplines Management in Poorly Performing Companies?. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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