| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3743 |
| DP3743 Information Contagion and Inter-Bank Correlation in a Theory of Systemic Risk | |
| Viral Acharya; Tanju Yorulmazer | |
| 发表日期 | 2003-02-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | In this Paper, we analyse the implications of price setting restrictions for the conduct of cyclical fiscal and monetary policy. We consider an environment with monopolistic competitive firms, a shopping time technology, prices set one period in advance, and government expenditures that must be financed with distortionary taxes. We show that the sets of (frontier) implementable allocations are the same independent of the degree of price stickiness. Furthermore, the sets of policies that decentralize each allocation are also the same except in the extreme cases of flexible and sticky prices, where the sets are larger. |
| 主题 | International Macroeconomics |
| 关键词 | Optimal fiscal and monetary policy Sticky prices |
| URL | https://cepr.org/publications/dp3743 |
| 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/532749 |
| 推荐引用方式 GB/T 7714 | Viral Acharya,Tanju Yorulmazer. DP3743 Information Contagion and Inter-Bank Correlation in a Theory of Systemic Risk. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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