Book/Printed Material Time consistency of fiscal and monetary policy a solution

Title

• Time consistency of fiscal and monetary policy a solution

Summary

• "This paper demonstrates how time consistency of the Ramsey policy - the optimal fiscal and monetary policy under commitment - can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surprise inflation exactly balances the marginal cost. Unlike in earlier papers on the topic, the result holds for quite a general Ramsey policy, including timevarying polices with positive inflation and positive nominal interest rates. We compare our results with those in Persson, Persson, and Svensson (1987), Calvo and Obstfeld (1990), and Alvarez, Kehoe, and Neumeyer (2004)"--National Bureau of Economic Research web site.

Names

• Persson, Mats, 1949-
• Persson, Torsten
• Svensson, Lars E. O.
• National Bureau of Economic Research

Created / Published

• Cambridge, MA : National Bureau of Economic Research, c2005.

Headings

• -  Fiscal policy--Mathematical models
• -  Monetary policy--Mathematical models

Notes

• -  Title from PDF file as viewed on 2/14/2005.
• -  Includes bibliographical references.
• -  Also available in print.
• -  Mode of access: World Wide Web.
• -  System requirements: Adobe Acrobat Reader.

Call Number/Physical Location

• HB1

Digital Id

• https://hdl.loc.gov/loc.gdc/gdcebookspublic.2005616693
• http://papers.nber.org/papers/W11088 External

Library of Congress Control Number

• 2005616693

Access Advisory

• Unrestricted online access

Online Format

• image
• pdf

LCCN Permalink

• https://lccn.loc.gov/2005616693

Additional Metadata Formats

• MARCXML Record
• MODS Record
• Dublin Core Record