| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8193 |
| DP8193 Unconventional Fiscal Policy at the Zero Bound | |
| Isabel Correia; Pedro Teles; Juan Pablo Nicolini; Emmanuel Farhi | |
| 发表日期 | 2011-01-17 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | When the zero lower bound on nominal interest rates binds, monetary policy cannot provide appropriate stimulus. We show that in the standard New Keynesian model, tax policy can deliver such stimulus at no cost and in a time-consistent manner. There is no need to use inefficient policies such as wasteful public spending or future commitments to inflate. We conclude that in the New Keynesian model, the zero bound on nominal interest rates is not a relevant constraint on both fiscal and monetary policy. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal policy monetary policy Sticky prices Zero bound |
| URL | https://cepr.org/publications/dp8193 |
| 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/537030 |
| 推荐引用方式 GB/T 7714 | Isabel Correia,Pedro Teles,Juan Pablo Nicolini,et al. DP8193 Unconventional Fiscal Policy at the Zero Bound. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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