Optimal And Time Consistant Monetary And Fiscal Policy With Heterogeneous Agents
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Author | : Stefania Albanesi |
Publisher | : |
Total Pages | : 45 |
Release | : 2003 |
Genre | : Fiscal policy |
ISBN | : |
Download Optimal and Time-consistant Monetary and Fiscal Policy with Heterogeneous Agents Book in PDF, Epub and Kindle
Author | : Stefania Albanesi |
Publisher | : |
Total Pages | : 45 |
Release | : 2003 |
Genre | : Fiscal policy |
ISBN | : |
Download Optimal and Time-consistent Monetary and Fiscal Policy with Heterogeneous Agents Book in PDF, Epub and Kindle
Author | : Stefania Albanesi |
Publisher | : |
Total Pages | : 60 |
Release | : 2003 |
Genre | : Fiscal policy |
ISBN | : |
Download Optimal and Time-consistant Monetary and Fiscal Policy with Heterogenous Agents Book in PDF, Epub and Kindle
Author | : Stefania ALBANESI |
Publisher | : |
Total Pages | : 0 |
Release | : 2003 |
Genre | : |
ISBN | : |
Download Optimal and Time-consistent Monetary and Fiscal Policy with Heterogenous Agents Book in PDF, Epub and Kindle
Author | : Stefania Albanesi |
Publisher | : |
Total Pages | : |
Release | : 2001 |
Genre | : |
ISBN | : |
Download The Time Consistency of Optimal Monetary Policy with Heterogeneous Agents Book in PDF, Epub and Kindle
Author | : Eduardo Dávila |
Publisher | : |
Total Pages | : 0 |
Release | : 2023 |
Genre | : |
ISBN | : |
Download Optimal Monetary Policy with Heterogeneous Agents Book in PDF, Epub and Kindle
This paper characterizes optimal monetary policy in a canonical heterogeneous-agent New Keynesian (HANK) model with wage rigidity. Under discretion, a utilitarian planner faces the incentive to redistribute towards indebted, high marginal utility households, which is a new source of inflationary bias. With commitment, i) zero inflation is the optimal long-run policy, ii) time-consistent policy requires both inflation and distributional penalties, and iii) the planner trades off aggregate stabilization against distributional considerations, so Divine Coincidence fails. We compute optimal stabilization policy in response to productivity, demand, and cost-push shocks using sequence-space methods, which we extend to Ramsey problems and welfare analysis.
Author | : Mark Gertler |
Publisher | : Mit Press |
Total Pages | : 432 |
Release | : 2004 |
Genre | : Business & Economics |
ISBN | : 9780262072533 |
Download NBER Macroeconomics Annual 2003 Book in PDF, Epub and Kindle
The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers to an audience of public policymakers and the academic community. Each commissioned paper is followed by comments and discussion. This year's edition provides a mix of cutting-edge research and policy analysis on such topics as productivity and information technology, the increase in wealth inequality, behavioral economics, and inflation.
Author | : Kenneth S. Rogoff |
Publisher | : MIT Press |
Total Pages | : 479 |
Release | : 2006-04 |
Genre | : Business & Economics |
ISBN | : 0262072726 |
Download NBER Macroeconomics Annual 2005 Book in PDF, Epub and Kindle
The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2010 |
Genre | : |
ISBN | : |
Download Optimal Monetary Policy with Heterogeneous Agents Book in PDF, Epub and Kindle
This paper analyses the role of monetary policy in an overlapping-generations monetary growth model with two types of agents, who exhibit a different degree of altruism towards their descendants. It is shown that changes in the money growth rate have significant distributional effects. Furthermore, the optimal rate of monetary expansion is, in general, higher than the one implied by the Friedman rule and may, in fact, yield a small but positive rate of inflation, even though capital is invariant to changes in the money growth rate. Finally, this optimal rate of monetary expansion takes higher values as the society`s aversion towards inequality increases.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 1998-03-01 |
Genre | : Business & Economics |
ISBN | : 1451844239 |
Download Coordination of Monetary and Fiscal Policies Book in PDF, Epub and Kindle
Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.