| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6712 |
| DP6712 A Modern Reconsideration of the Theory of Optimal Currency Areas | |
| Giancarlo Corsetti | |
| 发表日期 | 2008-02-15 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Leith and Wren-Lewis (2007) have shown that government debt is returned to its pre-shock level in a New Keynesian model under optimal discretionary policy. This has two important implications for monetary and fiscal policy. First, in a high-debt economy, it may be optimal for discretionary monetary policy to cut the interest rate in response to a cost-push shock - thereby violating the Taylor principle - although this will not be true if inflation is significantly persistent. Second, the optimal fiscal response to such a shock is more active under discretion than commitment, whatever the degree of inflation persistence. |
| 主题 | International Macroeconomics |
| 关键词 | Government debt monetary policy Stabilisation bias Fiscal policy |
| URL | https://cepr.org/publications/dp6712 |
| 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/535548 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti. DP6712 A Modern Reconsideration of the Theory of Optimal Currency Areas. 2008. |
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