| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25445 |
| 来源ID | Working Paper 25445 |
| Monetary and Fiscal Policy When People Have Finite Lives | |
| Roger E.A. Farmer; Pawel Zabczyk | |
| 发表日期 | 2019-01-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | For at least three decades, the New-Keynesian representative agent model has been the preferred vehicle for analyzing the interaction of fiscal and monetary policy with the behavior of private agents in markets. We argue that the Overlapping Generations (OLG) model is an attractive alternative and that a number of features of real world economies arise naturally in a long-lived version of this model when it is calibrated to the U.S. income profile. These features include 1) the transmission of monetary shocks to real quantities, 2) excess volatility of real asset prices and 3) the existence of decade long periods with negative real interest rates. We provide an example of a sixty-two generation OLG model where all of these features arise in a dynamically efficient competitive equilibrium with complete markets in which money has positive value. Our results hold even in the case in which both monetary and fiscal policies are active in the sense of Leeper (1991). |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w25445 |
| 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/583119 |
| 推荐引用方式 GB/T 7714 | Roger E.A. Farmer,Pawel Zabczyk. Monetary and Fiscal Policy When People Have Finite Lives. 2019. |
| 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 | ||
| w25445.pdf（638KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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