| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5475 |
| DP5475 Service Offshoring, Productivity and Employment: Evidence from the US | |
| Shang-Jin Wei; Mary Amiti | |
| 发表日期 | 2006-01-24 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper studies the interactions of fiscal and monetary policy when they stabilise a single economy against shocks in a dynamic setting. We assume that fiscal and monetary policies both stabilise the economy only by causing changes to aggregate demand. Our findings are as follows. If the both policymakers are benevolent, then the best outcome is achieved when the fiscal authority allows monetary policy to perform nearly all of the burden of stabilising the economy. If the monetary authorities are benevolent, but the fiscal authorities have distorted objectives, then a Nash equilibrium will result in large welfare losses: unilateral efforts by each authority to stabilise the economy will result in a rapid accumulation of public debt. However, if the monetary authorities are benevolent and the fiscal authorities have distorted objectives, but there is a regime of fiscal leadership, then the outcome will be very nearly as good as it is in the regime in which both policymakers are benevolent. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Macroeconomic stabilisation Fiscal policy |
| URL | https://cepr.org/publications/dp5475 |
| 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/534333 |
| 推荐引用方式 GB/T 7714 | Shang-Jin Wei,Mary Amiti. DP5475 Service Offshoring, Productivity and Employment: Evidence from the US. 2006. |
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