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Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints / / Michael Kumhof, Huixin Bi



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Autore: Kumhof Michael Visualizza persona
Titolo: Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints / / Michael Kumhof, Huixin Bi Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
Edizione: 1st ed.
Descrizione fisica: 39 p
Disciplina: 336.3
Soggetto topico: Fiscal policy
Economic policy
Labor
Macroeconomics
Public Finance
Fiscal Policy
Taxation, Subsidies, and Revenue: General
Macroeconomics: Consumption
Saving
Wealth
Demand and Supply of Labor: General
Public finance & taxation
Labour
income economics
Revenue administration
Consumption
Fiscal rules
Labor supply
Revenue
Economics
Labor market
Soggetto geografico: United States
Altri autori: BiHuixin  
Note generali: Bibliographic Level Mode of Issuance: Monograph
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: Intro -- 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.
Sommario/riassunto: We 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.
Titolo autorizzato: Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints  Visualizza cluster
ISBN: 1-4623-5071-2
1-4518-7431-6
1-4527-2886-0
9786612844737
1-282-84473-3
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910829093203321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2009/286