LEADER 05589oam 22011534 450 001 9910788332203321 005 20230721045728.0 010 $a1-4623-3458-X 010 $a1-4527-5713-5 010 $a1-4518-7284-4 010 $a9786612843518 010 $a1-282-84351-6 035 $a(CKB)3170000000055295 035 $a(EBL)1608352 035 $a(SSID)ssj0000942997 035 $a(PQKBManifestationID)11592953 035 $a(PQKBTitleCode)TC0000942997 035 $a(PQKBWorkID)10974673 035 $a(PQKB)10444701 035 $a(OCoLC)586080117 035 $a(MiAaPQ)EBC1608352 035 $a(IMF)WPIEE2009137 035 $a(EXLCZ)993170000000055295 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aOptimal Monetary and Fiscal Policy with Limited Asset Market Participation /$fSven Jari Stehn 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (36 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1713-9 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. The Baseline Model; A. Households; B. Firms and Price Setting; C. Fiscal Policy; D. Aggregation and Market Clearing; E. Steady State and Linearisation; III.Equilibrium, Calibration and Determinacy; A. Equilibrium; B. Calibration; C. Determinacy; IV.Optimal Policy; Figures; 1. Determinacy in the baseline model; A. Social Welfare; B. Optimal Monetary Policy with Exogenous Fiscal Policy; C. Jointly Optimal Monetary and Fiscal Policy; 2. Optimal feedback coeffcients for different values of; 3. Impulse responses to a persistent cost-push shock in the baseline model 327 $aV. Extensions A. CRRA Preferences; B. Targeted Transfers; 4. Impulse responses to a persistent cost-push shock with CRRA utility, targeted transfers and equal lump-sum tax financing; C. Alternative Financing Assumptions; 5. Impulse responses to a persistent cost-push shock with government debt. .; VI.Conclusion; Appendix; A. Derivation of the Baseline Model; B. Derivation of the Social Welfare Function; C. Solving for Optimal Policy; D. Extensions; E. The 'non-Keynesian' Case; 6. Determinacy for the 'non-Keynesian case; References 330 3 $aThis paper characterises the jointly optimal monetary and fiscal stabilisation policy in a new Keynesian model that allows for consumers who lacking access to asset markets consume their disposable income each period. With full asset market participation, the optimal policy relies entirely on the interest rate to stabilise cost-push shocks and government expenditure is not changed. When asset market participation is limited, there is a case for fiscal stabilisation policy. Active use of public spending raises aggregate welfare because it enables a more balanced distribution of the stabilisation burden across asset-holding and non-asset-holding consumers. The optimal response of government expenditure is sensitive to the financing scheme and whether the policymaker has access to a targeted transfer that can directly redistribute resources between consumers. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/137 606 $aConsumption (Economics)$xGovernment policy 606 $aFiscal policy 606 $aFinance: General$2imf 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aFiscal Policy$2imf 606 $aWages, Compensation, and Labor Costs: General$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aPublic finance & taxation$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aFinance$2imf 606 $aExpenditure$2imf 606 $aFiscal policy$2imf 606 $aReal wages$2imf 606 $aSecurities markets$2imf 606 $aConsumption$2imf 606 $aExpenditures, Public$2imf 606 $aWages$2imf 606 $aCapital market$2imf 606 $aEconomics$2imf 607 $aIreland$2imf 615 0$aConsumption (Economics)$xGovernment policy. 615 0$aFiscal policy. 615 7$aFinance: General 615 7$aLabor 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aNational Government Expenditures and Related Policies: General 615 7$aFiscal Policy 615 7$aWages, Compensation, and Labor Costs: General 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aPublic finance & taxation 615 7$aLabour 615 7$aincome economics 615 7$aFinance 615 7$aExpenditure 615 7$aFiscal policy 615 7$aReal wages 615 7$aSecurities markets 615 7$aConsumption 615 7$aExpenditures, Public 615 7$aWages 615 7$aCapital market 615 7$aEconomics 700 $aStehn$b Sven Jari$01472662 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788332203321 996 $aOptimal Monetary and Fiscal Policy with Limited Asset Market Participation$93685527 997 $aUNINA