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A continuous-time model of the term structure of interest rates with fiscal-monetary policy interactions
Marzo, Massimiliano; Romagnoli, Silvia; Zagaglia, Paolo - Suomen Pankki - 2008
We study the term structure implications of the fiscal theory of price level determination. We introduce the intertemporal budget constraint of the government in a general equilibrium model in continuous time. Fiscal policy is set according to a simple rule whereby taxes react proportionally to...
Persistent link: https://www.econbiz.de/10005648966
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Welfare and bond pricing implications of fiscal stabilization policies
Christoffel, Kai; Jaccard, Ivan; Kilponen, Juha - Suomen Pankki - 2013
How do cyclical fiscal stabilisation policies affect welfare and government bond risk premia? Using a new Keynesian … model we find that the effects of fiscal policy rules on the bond premium and welfare crucially depend on the source of …
Persistent link: https://www.econbiz.de/10010818989