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Optimal fiscal and monetary policy without commitment

Niemann, Stefan (contributor); Pichler, Paul (contributor); … - 2008

Persistent link: https://www.econbiz.de/10003732009

Wealth distribution and aggregate time-preference : Markov-perfect equilibria in a Ramsey economy

Pichler, Paul; Sorger, Gerhard - In: Journal of economic dynamics & control 33 (2009) 1, pp. 1-14

Persistent link: https://www.econbiz.de/10003809995

Inflation dynamics under optimal discretionary fiscal and monetary policies

Niemann, Stefan; Pichler, Paul; Sorger, Gerhard - 2009

We examine the dynamic properties of inflation in a model of optimal discretionary fiscal and monetary policies. The lack of commitment and the presence of nominally risk-free debt provide the government with an incentive to implement policies which induce positive and persistent inflation...

Persistent link: https://www.econbiz.de/10003913971

Sequential search with incompletely informed consumers : theory and evidence from retail gasoline markets

Janssen, Maarten C. W.; Pichler, Paul; Weidenholzer, Simon - 2009

Persistent link: https://www.econbiz.de/10003928968

Central bank independence and the monetary instrument problem

Niemann, Stefan; Pichler, Paul; Sorger, Gerhard - 2010

We study the monetary instrument problem in a model of optimal discretionary fiscal and monetary policy. The policy problem is cast as a dynamic game between the central bank, the fiscal authority, and the private sector. We show that, as long as there is a conflict of interest between the two...