| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4768 |
| DP4768 On the Role of Arbitrageurs in Rational Markets | |
| Suleyman Basak; Benjamin Croitoru | |
| 发表日期 | 2004-12-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This Paper computes welfare-maximizing monetary and tax policy feedback rules, in a calibrated dynamic general equilibrium model with sticky prices. The government makes exogenous final good purchases, levies a proportional income tax, and issues nominal one-period bonds. A quadratic approximation method is used to solve the model, and to compute household welfare. Optimized policy has a strong anti-inflation stance and implies persistent fluctuations of the tax rate and of public debt. Very simple optimized policy rules, under which the interest rate just responds to inflation and the tax rate just responds to public debt, yield a welfare level very close to that generated by richer rules. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Fiscal policy Welfare |
| URL | https://cepr.org/publications/dp4768 |
| 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/533684 |
| 推荐引用方式 GB/T 7714 | Suleyman Basak,Benjamin Croitoru. DP4768 On the Role of Arbitrageurs in Rational Markets. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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