کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5057846 1476607 2017 5 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
An analytical approach to new Keynesian models under the fiscal theory
ترجمه فارسی عنوان
رویکرد تحلیلی به مدل های جدید کینزی تحت نظریه مالی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


- I present a frequency-domain method for solving linear rational expectations models.
- I derive an analytical solution to new Keynesian models under the fiscal theory.
- The solution makes clear the cross-equation restrictions and policy transmission mechanisms.
- The method yields useful by-products which are not easily obtainable using time-domain methods.

This article illustrates a widely applicable frequency-domain methodology to solving multivariate linear rational expectations models. As an example, we solve a prototypical new Keynesian model under the assumption that primary surpluses evolve independently of government liabilities, a regime in which the fiscal theory of the price level is valid. The resulting analytical solution is useful in characterizing the cross-equation restrictions and illustrating the complex interaction between the fiscal theory and price rigidity. We also highlight some useful by-products of such method which are not easily obtainable for more sophisticated models using time-domain methods.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economics Letters - Volume 156, July 2017, Pages 133-137
نویسندگان
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