| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26745 |
| 来源ID | Working Paper 26745 |
| A Fiscal Theory of Monetary Policy with Partially-Repaid Long-Term Debt | |
| John H. Cochrane | |
| 发表日期 | 2020-02-10 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | I construct a simple model with sticky prices and interest rate targets, closed by fiscal theory of the price level with long-term debt and fiscal and monetary policy rules. Fiscal surpluses rise following deficits, to repay accumulated debt, but surpluses do not respond to all values of unexpected inflation and deflation. This specification avoids common puzzles and produces reasonable responses to fiscal and monetary policy shocks. It allows an easy translation of any new-Keynesian model, and it allows one to study a whole sample with active fiscal policy. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w26745 |
| 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/584419 |
| 推荐引用方式 GB/T 7714 | John H. Cochrane. A Fiscal Theory of Monetary Policy with Partially-Repaid Long-Term Debt. 2020. |
| 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 | ||
| w26745.pdf（425KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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