| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5737 |
| DP5737 Does Where You Go Matter? The Impact of Outward Foreign Direct Investment on Multinationals' Employment at Home | |
| Peter Debaere; Hongshik Lee; Joonhyung Lee | |
| 发表日期 | 2006-07-11 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky price economy with monopolistic distortions. Monetary policy determines nominal interest rates and fiscal policy provides public goods generating private utility. We find that lack of fiscal commitment gives rise to excessive public spending. The optimal inflation rate internalizing this distortion is positive, but lack of monetary commitment robustly generates too much inflation. A conservative monetary authority thus remains desirable. Exclusive focus on inflation by the central bank recoups large part - in some cases all - of the steady state welfare losses associated with lack of monetary and fiscal commitment. An inflation conservative central bank tends to improve also the conduct of stabilization policy. |
| 主题 | International Macroeconomics |
| 关键词 | Discretionary policy Sequential non-cooperative policy games Time consistent policy Conservative monetary policy |
| URL | https://cepr.org/publications/dp5737 |
| 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/534587 |
| 推荐引用方式 GB/T 7714 | Peter Debaere,Hongshik Lee,Joonhyung Lee. DP5737 Does Where You Go Matter? The Impact of Outward Foreign Direct Investment on Multinationals' Employment at Home. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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