macroeconomic questions such as business cycles, growth, and policy. Particular attention is given to the ability of the model to …

theory of monetary and fiscal policy. A general framework is presented which encompasses most of the existing literature … sectoral nominal rigidities can result in a welfare-improving role for monetary policy. Imperfect competition also enhances the … scope for the beneficial influence of fiscal policy. We explore the possibilities for multiple Pareto-ranked equilibria and …

the world’s oldest fiscal watchdog, CPB Netherlands Bureau for Economic Policy Analysis (CPB). CPB was founded directly … Dutch policy making. CPB provides (i) the macroeconomic forecast underlying the annual budget, (ii) a midterm review of the … state of public finance at the start of each election cycle, (iii) cost-benefit analyses of all kind of policy proposals …

What is the right balance among policy interventions in order to ensure economic growth over the long run when an …

We study interactions between monetary policy, which sets nominal interest rates, and fiscal policy, which levies …, entirely eliminates the welfare losses from discretionary monetary and fiscal policymaking, provided monetary policy is … determined after fiscal policy each period. Full conservatism, however, is severely suboptimal when monetary policy is determined …