| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w22979
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| 来源ID | Working Paper 22979
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| Stepping on a Rake: the Fiscal Theory of Monetary Policy |
| John H. Cochrane
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| 发表日期 | 2016-12-26
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| 出版年 | 2016
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| 语种 | 英语
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| 摘要 | The fiscal theory of the price level can describe monetary policy. Governments can set interest rate targets and thereby affect inflation, with no change in fiscal surpluses. The same basic mechanism describes interest rate targets, forward guidance, open market operations, and quantitative easing. It does not require any monetary, pricing, or other frictions. In the presence of long-term debt, higher interest rates lead to temporarily lower inflation, a challenging sign. I derive and replicate the results of the Sims (2011) “stepping on a rake” model, which first produced this negative sign, and produces realistic impulse-response functions. I show that Sims' result is robust to many model features, but essentially requires long-term debt. |
| 主题 | Macroeconomics
; Business Cycles
; Money and Interest Rates
; Monetary Policy
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| URL | https://www.nber.org/papers/w22979
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580653
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推荐引用方式
GB/T 7714 |
John H. Cochrane. Stepping on a Rake: the Fiscal Theory of Monetary Policy. 2016.
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文件名：
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w22979.pdf
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格式：
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Adobe PDF
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