| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11088 |
| 来源ID | Working Paper 11088 |
| Time Consistency of Fiscal and Monetary Policy: A Solution | |
| Mats Persson; Torsten Persson; Lars E.O. Svensson | |
| 发表日期 | 2005-01-31 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper demonstrates how time consistency of the Ramsey policy - the optimal fiscal and monetary policy under commitment - can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surprise inflation exactly balances the marginal cost. Unlike in earlier papers on the topic, the result holds for quite a general Ramsey policy, including timevarying polices with positive inflation and positive nominal interest rates. We compare our results with those in Persson, Persson, and Svensson (1987), Calvo and Obstfeld (1990), and Alvarez, Kehoe, and Neumeyer (2004). |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w11088 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568725 |
| 推荐引用方式 GB/T 7714 | Mats Persson,Torsten Persson,Lars E.O. Svensson. Time Consistency of Fiscal and Monetary Policy: A Solution. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11088.pdf（273KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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