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101 0 $aeng
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200 10$aJointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints /$fMichael Kumhof, Huixin Bi
205   $a1st ed.
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2009.
215   $a39 p
225 1 $aIMF Working Papers
300   $aBibliographic Level Mode of Issuance: Monograph
311   $a1-4519-1847-X 
320   $aIncludes bibliographical references.
327   $aIntro -- Contents -- I. Introduction -- II. The Model -- A. Infinitely-Lived Households -- B. Borrowing-Constrained Households -- C. Firms -- D. Government -- 1. Monetary Policy -- 2. Budget Constraint -- 3. Fiscal Policy -- E. Competitive Equilibrium -- F. Aggregate Welfare -- III. Calibration -- IV. Results -- A. Impulse Responses -- 1. Fiscal Policy Rule Parameters -- 2. Monetary Policy Rule Parameters -- B. Welfare under Different Shocks -- C. Welfare and Volatility -- 1. Welfare and Volatility of Policy Instruments -- 2. Efficiency Frontiers -- 3. Alternative Fiscal Instruments -- 4. Alternative Fiscal Rules -- 5. Comparison with the Canonical Infinite-Horizon Case -- V. Conclusion -- References -- Tables -- 1. Moments of the  Data and the Model -- Figures -- 1. Positive  Technology Shock, Different dtax -- 2. Negative Investment Shock, Different dtax -- 3. Positive Consumption Shock, Different dtax -- 4. Positive Technology Shock, Different dpie -- 5. Positive Technology Shock, Different dpie, No Liquidity-Constrained Agents . -- 6. Positive Technology Shock, Different di -- 7. Welfare - Technology Shock -- 8. Welfare - Investment Shock -- 9. Welfare - Consumption Shock -- 10. Welfare - All Shocks -- 11. Welfare and Policy Instrument Volatility -- 12. Welfare-Fiscal Volatility Efficiency Frontier -- 13. Welfare Comparison across Fiscal Instruments -- 14. 100 Percent Infinitely-Lived Agents - Welfare - 2 Dimensional -- 15. 100 Percent Infinitely-Lived Agents - Welfare - 1 Dimensional.
330 3 $aWe study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowingconstrained agents, rather than output. The optimized monetary rule features super-inertia and a very low coefficient on inflation, which minimizes real wage volatility. The welfare gains of optimizing the fiscal rule are far larger than the welfare gains of optimizing the monetary rule. The preferred fiscal instruments are government spending and transfers targeted to borrowing-constrained agents.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2009/286
606   $aFiscal policy
606   $aEconomic policy
606   $aLabor$2imf
606   $aMacroeconomics$2imf
606   $aPublic Finance$2imf
606   $aFiscal Policy$2imf
606   $aTaxation, Subsidies, and Revenue: General$2imf
606   $aMacroeconomics: Consumption$2imf
606   $aSaving$2imf
606   $aWealth$2imf
606   $aDemand and Supply of Labor: General$2imf
606   $aPublic finance & taxation$2imf
606   $aLabour$2imf
606   $aincome economics$2imf
606   $aFiscal policy$2imf
606   $aRevenue administration$2imf
606   $aConsumption$2imf
606   $aFiscal rules$2imf
606   $aLabor supply$2imf
606   $aRevenue$2imf
606   $aEconomics$2imf
606   $aLabor market$2imf
607   $aUnited States$2imf
615  0$aFiscal policy.
615  0$aEconomic policy.
615  7$aLabor
615  7$aMacroeconomics
615  7$aPublic Finance
615  7$aFiscal Policy
615  7$aTaxation, Subsidies, and Revenue: General
615  7$aMacroeconomics: Consumption
615  7$aSaving
615  7$aWealth
615  7$aDemand and Supply of Labor: General
615  7$aPublic finance & taxation
615  7$aLabour
615  7$aincome economics
615  7$aFiscal policy
615  7$aRevenue administration
615  7$aConsumption
615  7$aFiscal rules
615  7$aLabor supply
615  7$aRevenue
615  7$aEconomics
615  7$aLabor market
676   $a336.3
700   $aKumhof$b Michael$01604267
701   $aBi$b Huixin$01604268
712 02$aInternational Monetary Fund.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910829093203321
996   $aJointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints$93929045
997   $aUNINA