| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3580 |
| DP3580 International Interdependencies in Fiscal Stabilization Policies | |
| Torben M Andersen; Morten Spange | |
| 发表日期 | 2002-10-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We investigate both the rational explosive inflation paths studied by McCallum (2001), and the classification of fiscal and monetary policies proposed by Leeper (1991), for stability under learning of the rational expectations equilibria (REE). Our first result is that the fiscalist REE in the model of McCallum (2001) is not locally stable under learning. In contrast, in the setting of Leeper (1991), different possibilities can arise. We find, in particular, that there are parameter domains for which the fiscal theory solution, in which fiscal variables affect the price level, can be a stable outcome under learning. For other parameter domains, however, the monetarist solution is instead the stable equilibrium. |
| 主题 | International Macroeconomics |
| 关键词 | inflation Expectations Fiscal and monetary policy Explosive price paths |
| URL | https://cepr.org/publications/dp3580 |
| 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/532587 |
| 推荐引用方式 GB/T 7714 | Torben M Andersen,Morten Spange. DP3580 International Interdependencies in Fiscal Stabilization Policies. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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