全球智库信息集成服务系统(G2TT): DP6604 Does Immigration Affect the Phillips Curve? Some Evidence for Spain

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP6604
	DP6604 Does Immigration Affect the Phillips Curve? Some Evidence for Spain
	Juan Dolado; Samuel Bentolila; Juan Francisco Jimeno
发表日期	2007-12-14
出版年	2007
语种	英语
摘要	Monetary and Fiscal policies interact in many ways. Recently the stance of fiscal policy in a number of countries has raised concerns about the risks for the outcomes of monetary policy. This paper first shows that these concerns are justified since, under ambitious fiscal policy makers, inflation bias and lack of monetary policy credibility may obtain in equilibrium even if the central banker is fully independent, patient and responsible. To reach a solution, the paper proposes an asynchronous game framework that generalises the standard commitment analysis. It allows concurrent and partial commitment; both policies may be committed at the same time for varying degrees or different periods. It is demonstrated that these undesirable outcomes can be prevented if monetary commitment is sufficiently strong relative to fiscal commitment. Interestingly, monetary commitment can not only resist fiscal pressure, but also discipline an ambitious fiscal policy maker to achieve socially desirable outcomes for both policies. We extend the setting to the European monetary union case with a common central bank and many fiscal policy makers, to show that these results carry over. The implication therefore is: by explicitly committing to a long run inflation target, the central bank can not only ensure its credibility, but also indirectly induce more disciplined fiscal policies. The paper shows that these predictions are broadly supported empirically.
主题	International Macroeconomics
关键词	Asynchronous moves Commitment Monetary-fiscal interactions Battle of sexes Game of chicken Inflation targeting
URL	https://cepr.org/publications/dp6604
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/535435
推荐引用方式 GB/T 7714	Juan Dolado,Samuel Bentolila,Juan Francisco Jimeno. DP6604 Does Immigration Affect the Phillips Curve? Some Evidence for Spain. 2007.