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Golosov, Mikhail - 2011

We study optimal labor and savings distortions in a lifecycle model with idiosyncratic shocks. We show a tight …-based expressions for the dynamic optimal distortions. We derive a generalization of a savings distortion for non-separable preferences …

Persistent link: https://www.econbiz.de/10012461015

Optimal Taxation by the Monetary Authority

Walsh, Carl E. - 1984

Reserve requirements imposed against bank deposits, nominal interest payments on bank reserves (or on base money), and inflation can all be viewed as generating tax effects. Any analysis of optimal monetary policy in a steady-state equilibrium needs to consider the simultaneous choice of all the...

Persistent link: https://www.econbiz.de/10012477715

Seigniorage and Fixed Exchange Rates : An Optimal Inflation Tax Analysis

Fischer, Stanley - 1981

A country that decides to fix its exchange rate thereby gives up control over its own inflation rate and the determination of the revenue received from seigniorage. If the country goes further and uses a foreign money, it loses all seigniorage. This paper uses an optimal inflation tax approach...

Persistent link: https://www.econbiz.de/10012478330

Optimal Monetary and Fiscal Policy in a Liquidity Trap

Eggertsson, Gauti B. - 2004

In previous work (Eggertsson and Woodford, 2003), we characterized the optimal conduct of monetary policy when a real disturbance causes the natural rate of interest to be temporarily negative, so that the zero lower bound on nominal interest rates binds, and showed that commitment to a...

Persistent link: https://www.econbiz.de/10012467849

Optimal Monetary and Fiscal Policy : A Linear Quadratic Approach

Benigno, Pierpaolo - 2003

We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky and the only available sources of government revenue are distorting taxes. Our linear-quadratic approach allows us to nest both conventional analyses of optimal...

Persistent link: https://www.econbiz.de/10012468792

Optimal Fiscal and Monetary Policy

Chari, V. V. - 1999

We provide an introduction to optimal fiscal and monetary policy using the primal approach to optimal taxation. We use this approach to address how fiscal and monetary policy should be set over the long run and over the business cycle. We find four substantive lessons for policymaking: Capital...

Persistent link: https://www.econbiz.de/10012471920

Optimal Policies with Strategic Distortions

Krishna, Kala - 1988

Recent work in optimal trade policy for imperfectly competitive markets usually identifies the optimal level of an instrument, and when more instruments are allowed, general interpretations have been unavailable, This paper analyzes the jointly optimal levels of a Variety of instruments with...

Persistent link: https://www.econbiz.de/10012476539

Optimal Gradualism

Lehr, Nils H.; Restrepo, Pascual - National Bureau of Economic Research - 2022

This paper studies how gradualism affects the welfare gains from trade, technology, and reforms. When people face adjustment frictions, gradual shocks create less adverse distributional effects in the short run. We show that there are welfare gains from inducing a more gradual transition via...

Persistent link: https://www.econbiz.de/10013477247

Savings and the Terms of Trade Under Borrowing Constraints

Agenor, Pierre-Richard - 2000

This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings … in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of … standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub …

Persistent link: https://www.econbiz.de/10012471007

Precautionary Saving and the Marginal Propensity to Consume out of Permanent Income

Carroll, Christopher D. - 2001

The budget constraint requires that, eventually, consumption must adjust fully to any permanent shock to income. Intuition suggests that, knowing this, optimizing agents will fully adjust their spending immediately upon experiencing a permanent shock. However, this paper shows that if consumers...

Persistent link: https://www.econbiz.de/10012470491

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