Chen, Xiaoshan; Leeper, Eric M.; Leith, Campbell B. - In: Quantitative economics : QE ; journal of the … 13 (2022) 2, pp. 593-628
We estimate a model in which fiscal and monetary policy obey the targeting rules of distinct policy authorities, with … to a fiscal targeting rule or an increase in monetary policy conservatism; (5) If fiscal behavior follows its historic … instrument‐rules‐based behavior; (2) American policies often do not conform to the conventional mix of conservative monetary …