| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17360 |
| DP17360 Myopic Fiscal Objectives and Long-Run Monetary Efficiency | |
| Gaetano Gaballo; Eric Mengus | |
| 发表日期 | 2022-06-05 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Is the pursuit of myopic fiscal objectives, such as short-run redistribution or public spending, a threat to long-run monetary efficiency? We answer this question in the context of a textbook overlapping generations model where we introduce a sequence of one-period fiscal authorities that can tax endowment and trade money. Each authority is myopic in that it cares only about current agents’ utility and its own consumption, without any concern about the future. Nonetheless, we show that the sequence of fiscally-backed money purchases that maximize the current authority’s objective also selects a unique equilibrium – one in which money is traded at the efficient intertemporal price – as a by-product. In fact, even if authorities are myopic and do not coordinate, policy implementation gets efficiently constrained through markets by private agents’ intertemporal choices. Details about the fiscal stance are also crucial. Multiplicity and sub-optimality emerge as fiscal capacity is bounded, inducing authorities to use money trade to generate resources for public consumption. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Fiat money Price level determination Fiscal-monetary interactions Seigniorage Commitment Ramsey plans |
| URL | https://cepr.org/publications/dp17360-0 |
| 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/546409 |
| 推荐引用方式 GB/T 7714 | Gaetano Gaballo,Eric Mengus. DP17360 Myopic Fiscal Objectives and Long-Run Monetary Efficiency. 2022. |
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