全球智库信息集成服务系统(G2TT): Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model: Expanded Version

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来源类型	Working Paper
规范类型	报告
DOI	10.3386/w11417
来源ID	Working Paper 11417
	Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model: Expanded Version
	Stephanie Schmitt-Grohe; Martin Uribe
发表日期	2005-06-20
出版年	2005
语种	英语
摘要	In this paper, we study Ramsey-optimal fiscal and monetary policy in a medium-scale model of the U.S.\ business cycle. The model features a rich array of real and nominal rigidities that have been identified in the recent empirical literature as salient in explaining observed aggregate fluctuations. The main result of the paper is that price stability appears to be a central goal of optimal monetary policy. The optimal rate of inflation under an income tax regime is half a percent per year with a volatility of 1.1 percent. This result is surprising given that the model features a number of frictions that in isolation would call for a volatile rate of inflation---particularly nonstate-contingent nominal public debt, no lump-sum taxes, and sticky wages. Under an income-tax regime, the optimal income tax rate is quite stable, with a mean of 30 percent and a standard deviation of 1.1 percent. Simple monetary and fiscal rules are shown to implement a competitive equilibrium that mimics well the one induced by the Ramsey policy. When the fiscal authority is allowed to tax capital and labor income at different rates, optimal fiscal policy is characterized by a large and volatile subsidy on capital.
主题	Macroeconomics ; Monetary Policy ; Fiscal Policy
URL	https://www.nber.org/papers/w11417
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/569060
推荐引用方式 GB/T 7714	Stephanie Schmitt-Grohe,Martin Uribe. Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model: Expanded Version. 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
w11417.pdf（397KB）	智库出版物		限制开放	CC BY-NC-SA	浏览