| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29226 |
| 来源ID | Working Paper 29226 |
| Stabilization with Fiscal Policy | |
| Narayana R. Kocherlakota | |
| 发表日期 | 2021-09-13 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | I reconsider the long-standing consensus view that macroeconomic stabilization should rely on monetary policy, not fiscal policy. I use an analytically tractable heterogeneous agent New Keynesian (HANK) model that is parameterized so as to admit a bubble in public debt. In this context, I show that it is possible to stabilize either inflation or output in response to aggregate shocks by varying only fiscal policy (that is, lump-sum uniform transfers). In contrast, when the public debt bubble is large, it is impossible to stabilize either inflation or output by varying only interest rates (monetary policy). |
| 主题 | Macroeconomics ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w29226 |
| 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/586900 |
| 推荐引用方式 GB/T 7714 | Narayana R. Kocherlakota. Stabilization with Fiscal Policy. 2021. |
| 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 | ||
| w29226.pdf（338KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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