| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7439 |
| DP7439 How Large Are the Effects of Tax Changes? | |
| Francesco Giavazzi; Carlo A. Favero | |
| 发表日期 | 2009-08-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | How should monetary policy respond to changes in financial conditions? In this paper we consider a simple model where firms are subject to idyosincratic shocks which may force them to default on their debt. Firms' assets and liabilities are denominated in nominal terms and predetermined when shocks occur. Monetary policy can therefore affect the real value of funds used to finance production. Furthermore, policy affects the loan and deposit rates. We find that maintaining price stability at all times is not optimal; that the optimal response to adverse financial shocks is to lower interest rates, if not at the zero bound, and engineer a short period of inflation; that the Taylor rule may implement allocations that have opposite cyclical properties to the optimal ones. |
| 主题 | International Macroeconomics |
| 关键词 | Bankruptcy costs Debt deflation Financial stability Optimal monetary policy Price level volatility Stabilization policy. |
| URL | https://cepr.org/publications/dp7439 |
| 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/536273 |
| 推荐引用方式 GB/T 7714 | Francesco Giavazzi,Carlo A. Favero. DP7439 How Large Are the Effects of Tax Changes?. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
