| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7099 |
| DP7099 Fiscal Policy, Wealth Effects and Markups | |
| Roberto Perotti; Tommaso Monacelli | |
| 发表日期 | 2008-12-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Rational expectations are often used as a strong argument against policy activism, as they may undermine or neutralize the policymaker?s actions. Although this sometimes happens, rational expectations do not always imply policy invariance or ineffectiveness. In fact, in certain circumstances rational expectations can enhance our power to control an economy over time. In those cases, policy announcements, properly communicated, can be used to extend the impact of conventional policy instruments. In this paper we present a general forward-looking policy framework and use it to provide a formal justification for attempting to anchor expectations, and as a possible justification for publishing interest rate forecasts or tax rate projections. This approach allows us to test when policymakers can and cannot expect to be able to manage expectations. |
| 主题 | International Macroeconomics |
| 关键词 | Controllability Fiscal policy monetary policy Policy neutrality Rational expectations |
| URL | https://cepr.org/publications/dp7099 |
| 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/535936 |
| 推荐引用方式 GB/T 7714 | Roberto Perotti,Tommaso Monacelli. DP7099 Fiscal Policy, Wealth Effects and Markups. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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