Dynamic monetary-fiscal interactions and the role of monetary conservatism
成果类型：
Article
署名作者：
Niemann, Stefan
署名单位：
University of Essex
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.03.008
发表日期：
2011
页码：
234-247
关键词：
摘要：
Assuming that macroeconomic policies are directed by distinct monetary and fiscal policy makers who cannot commit to future actions, we reassess the implications of monetary conservatism and fiscal impatience in a setting with nominal government debt. For environments where a non-negative steady state level of government debt (assets) emerges in the absence of conservatism and impatience, monetary conservatism induces accumulation of a higher stock of liabilities (assets) and has adverse (positive) welfare implications. This result obtains irrespectively of the degree of fiscal impatience and questions the unambiguous desirability of monetary conservatism traditionally found in the literature. (C) 2011 Elsevier B.V. All rights reserved.
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