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We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which …
Persistent link: https://www.econbiz.de/10005368129
This paper reviews empirical evidence about the effects of changes in U.S. monetary policy and fiscal policy that has been accumulated during recent years in a series of collaborative research projects involving a variety of global macroeconometric models. The paper also considers, in...
Persistent link: https://www.econbiz.de/10005372596
Coordination of macroeconomic policy has been a major topic at recent summit meetings, and has been the subject of a number of theoretical studies. However, relatively little empirical research exists on policy coordination. This paper is an attempt to help fill this gap. The paper considers the...
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policy rules and plausible assumptions about when private agents learn of fiscal actions can produce a classical economy …
Persistent link: https://www.econbiz.de/10005712657
This paper asks whether an aggressive monetary policy response to inflation is feasible in countries that suffer from fiscal dominance, as long as monetary policy also responds to fiscal variables. We find that if nominal interest rates are allowed to respond to government debt, even aggressive...
Persistent link: https://www.econbiz.de/10005712686
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