کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5100016 | 1377073 | 2006 | 24 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Interest rate policy, debt, and indeterminacy with distortionary taxation
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
The interest rate setting policy of the central bank influences the amount of funds the government must raise to pay the interest on its existing debt. With distortionary taxation, fiscal adjustments feed back on the model's endogenous variables. The conditions under which interest rate and tax policies are compatible with a uniquely determined stable equilibrium are derived for an optimizing sticky-price model. If the fiscal government continuously balances its budget, active interest rate policy easily leads to indeterminacy if there is a positive steady-state stock of public debt. When short-run deficits are allowed, active interest rate policy and determinacy are compatible unless the tax rate is too strongly increasing in response to changes in debt, the real interest rate, or output.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 30, Issue 3, March 2006, Pages 487-510
Journal: Journal of Economic Dynamics and Control - Volume 30, Issue 3, March 2006, Pages 487-510
نویسندگان
Ludger Linnemann,