| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w19686
|
| 来源ID | Working Paper 19686
|
| Inflation's Role in Optimal Monetary-Fiscal Policy |
| Eric M. Leeper; Xuan Zhou
|
| 发表日期 | 2013-11-27
|
| 出版年 | 2013
|
| 语种 | 英语
|
| 摘要 | We study how the maturity structure of nominal government debt affects optimal monetary and fiscal policy decisions and equilibrium outcomes in the presence of distortionary taxes and sticky prices. Key findings are: (1) there is always a role for current and future inflation innovations to revalue government debt, reducing reliance on distorting taxes; (2) the role of inflation in optimal fiscal financing increases with the average maturity of government debt; (3) as average maturity rises, it is optimal to tradeoff inflation for output stabilization; (4) inflation is relatively more important as a fiscal shock absorber in high-debt than in low-debt economies; (5) in some calibrations that are relevant to U.S. data, welfare under the fully optimal monetary and fiscal policies can be made equivalent to the welfare under the conventional optimal monetary policy with passively adjusting lump-sum taxes by extending the average maturity of bond. |
| 主题 | Macroeconomics
; Business Cycles
; Monetary Policy
; Fiscal Policy
|
| URL | https://www.nber.org/papers/w19686
|
| 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/577361
|
推荐引用方式
GB/T 7714 |
Eric M. Leeper,Xuan Zhou. Inflation's Role in Optimal Monetary-Fiscal Policy. 2013.
|
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