Optimal And Time Consistant Monetary And Fiscal Policy With Heterogenous Agents
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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 | : 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 | : 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 | : 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 | : 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 | : 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 | : Fernando Alvarez |
Publisher | : |
Total Pages | : 31 |
Release | : 2003 |
Genre | : Fiscal policy |
ISBN | : |
Download The Time Consistency of Optimal Monetary and Fiscal Policies Book in PDF, Epub and Kindle
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 | : Narayana R. Kocherlakota |
Publisher | : Princeton University Press |
Total Pages | : 230 |
Release | : 2010-07-01 |
Genre | : Business & Economics |
ISBN | : 1400835275 |
Download The New Dynamic Public Finance Book in PDF, Epub and Kindle
Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.