| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6919 |
| DP6919 Why Does Gasoline Cost so Much? A Joint Model of the Global Crude Oil Market and the U.S. Retail Gasoline Market | |
| Lutz Kilian | |
| 发表日期 | 2008-07-25 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We analyse optimal discretionary games between a benevolent central bank and a myopic government in a New Keynesian model. First, when lump-sum taxes are available and public debt is absent, we show that a Nash game results in too much government spending and excessively high interest rates, while fiscal leadership reinstates the cooperative outcome under discretion. Second, we show that this familiar result breaks down when lump-sum taxes are unavailable. With government debt, the Nash equilibrium still entails too much public spending but leads to lower interest rates than the cooperative policy, because debt has to be adjusted back to its pre-shock level to ensure time consistency. A setup of fiscal leadership does not avoid this socially costly outcome. Imposing a debt penalty onto the myopic government under either Nash or fiscal leadership raises welfare substantially, while appointing a conservative central bank is less effective. |
| 主题 | International Macroeconomics |
| 关键词 | Non-cooperative games Optimal fiscal policy Optimal monetary policy Policy myopia Stabilisation bias |
| URL | https://cepr.org/publications/dp6919 |
| 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/535755 |
| 推荐引用方式 GB/T 7714 | Lutz Kilian. DP6919 Why Does Gasoline Cost so Much? A Joint Model of the Global Crude Oil Market and the U.S. Retail Gasoline Market. 2008. |
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