کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5101285 | 1479220 | 2017 | 17 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Inflation bias and markup shocks in a LAMP model with strategic interaction of monetary and fiscal policy
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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![عکس صفحه اول مقاله: Inflation bias and markup shocks in a LAMP model with strategic interaction of monetary and fiscal policy Inflation bias and markup shocks in a LAMP model with strategic interaction of monetary and fiscal policy](/preview/png/5101285.png)
چکیده انگلیسی
This paper investigates the effects generated by limited asset market participation on optimal monetary and fiscal policy, where monetary and fiscal authorities are independent and play strategically. It shows that: (i) both the long run and the short run equilibrium require a departure from zero inflation rate; (ii) in response to a markup shock, fiscal policy becomes more aggressive as the fraction of liquidity constrained agents increases and price stability is no longer optimal even under Ramsey; (iii) overall, optimal discretionary policies imply welfare losses for Ricardians, while liquidity constrained consumers experience welfare gains with respect to Ramsey.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 52, June 2017, Pages 39-55
Journal: Journal of Macroeconomics - Volume 52, June 2017, Pages 39-55
نویسندگان
Alice Albonico, Lorenza Rossi,