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Fiscal Sustainability in a New Keynesian Model

Leith, Campbell; Wren-Lewis, Simon - Agricultural and Applied Economics Association - AAEA - 2012

Recent work on optimal monetary and fiscal policy in New Keynesian models suggests that it is optimal to allow steady-state debt to follow a random walk. Leith and Wren-Lewis (2012) consider the nature of the timeinconsistency involved in such a policy and its implication for discretionary...

Persistent link: https://www.econbiz.de/10010879000

Fiscal Sustainability in a New Keynesian Model

Leith, Campbell; Wren-Lewis, Simon - Agricultural and Applied Economics Association - AAEA - 2012

Persistent link: https://www.econbiz.de/10010879015

Electoral Uncertainty and the Deficit Bias in a New Keynesian Economy

Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2009

Political Economy, has focused on real economies where there is strategic use of policy instruments in a world of political … conflict. In this paper we combine these literatures and assume that policy is set in a New Keynesian economy by one of two …/or composition). Given the environment, policy shall be realistically constrained to be time-consistent. In a sticky-price economy …

Persistent link: https://www.econbiz.de/10010550767

When is Monetary Policy All we Need?

Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2009

We consider optimal monetary and scal policies in a New Keynesian model of a small open economy with sticky prices and …

Persistent link: https://www.econbiz.de/10010550812

When is monetary policy all we need?

Eser, Fabian; Leith, Campbell; Wren-Lewis, Simon - Department of Economics, Adam Smith Business School - 2009

We consider optimal monetary and fiscal policies in a New Keynesian model of a small open economy with sticky prices …

Persistent link: https://www.econbiz.de/10005012846

Fiscal Sustainability in a New Keynesian Model

Wren-Lewis, Simon; Leith, Campbell - Department of Economics, Oxford University - 2007

Most recent work deriving optimal monetary policy utilising New Neo-Classical Synthesis (NNCS) models abstract from the impact of monetary policy on the government`s finances, by assuming that any change in the government`s budget can be financed through lump sum taxes. In this paper, we assume...

Persistent link: https://www.econbiz.de/10005047814

Fiscal Sustainability in a New Keynesian Model

Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2012

Persistent link: https://www.econbiz.de/10011075679

Fiscal Sustainability in a New Keynesian Model

Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2012

Persistent link: https://www.econbiz.de/10011075700

Fiscal Sustainability in a New Keynesian Model - Additional Appendix

Leith, Campbell; Wren-Lewis, Simon - Department of Economics, Adam Smith Business School - 2012

Persistent link: https://www.econbiz.de/10010896995

Is There a Case for the MTFS?

Westaway, Peter; Wren-Lewis, Simon - C.E.P.R. Discussion Papers - 1990

This paper offers a critique of the UK government's Medium Term Financial Strategy from a policy optimization perspective. It argues that recent versions of the MTFS can be interpreted as representing the outcome of a policy optimization exercise, but that certain key aspects remain unclear....

Persistent link: https://www.econbiz.de/10005666678