On the joint determination of fiscal and monetary policy
成果类型：
Article
署名作者：
Martin, Fernando M.
署名单位：
Simon Fraser University
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.02.001
发表日期：
2011
页码：
132-145
关键词：
摘要：
The conduct of fiscal and monetary policy absent commitment depends on the interaction between the objective of smoothing distortions intertemporally and a time-consistency problem. When net nominal government obligations are positive, both fiscal and monetary policies are distortionary and the choice of debt depends on how the anticipated response in future monetary policy affects the current demand for money and bonds. There exists a unique steady state with positive net nominal government obligations, which is stable and time-consistent. For any initial level of debt, the welfare loss due to lack of commitment is small. (C) 2011 Elsevier B.V. All rights reserved.
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