Optimal Fiscal And Monetary Policy
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Optimal Fiscal And Monetary Policy Debt Crisis And Management
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Author : Mr.Cristiano Cantore
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-30
Optimal Fiscal And Monetary Policy Debt Crisis And Management written by Mr.Cristiano Cantore and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-30 with Business & Economics categories.
The initial government debt-to-GDP ratio and the government’s commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GPD ratios, the optimal consolidation is very slow. A faster pace is optimal when the economy starts from a high level of public debt implying high sovereign risk premia, unless these are suppressed via a bailout by official creditors. Under discretion, the cost of not being able to commit is reflected into a quick consolidation of government debt. Simple monetary-fiscal rules with passive fiscal policy, designed for an environment with “normal shocks”, perform reasonably well in mimicking the Ramsey-optimal response to one-off government debt shocks. When the government can issue also long-term bonds–under commitment–the optimal debt consolidation pace is slower than in the case of short-term bonds only, and entails an increase in the ratio between long and short-term bonds.
Optimal Fiscal And Monetary Policy With Nominal And Indexed Debt
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Author : Michael T. Gapen
language : en
Publisher: International Monetary Fund
Release Date : 2003-11-01
Optimal Fiscal And Monetary Policy With Nominal And Indexed Debt written by Michael T. Gapen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-11-01 with Business & Economics categories.
This paper highlights the importance of debt composition in setting optimal fiscal and monetary policy over short-run business cycles and in the long run. Nominal debt as state-contingent debt can be a significant policy tool to reduce the volatility of distortionary government policy, thereby reducing macroeconomic volatility while increasing equilibrium output and consumption. The welfare gain from using nominal debt to hedge against shocks to the government budget is as large as the welfare gain from the ability to issue debt.
Optimal Fiscal And Monetary Policy
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Author : V. V. Chari
language : en
Publisher:
Release Date : 1999
Optimal Fiscal And Monetary Policy written by V. V. Chari and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business cycles categories.
We provide an introduction to optimal fiscal and monetary policy using the primal approach to optimal taxation. We use this approach to address how fiscal and monetary policy should be set over the long run and over the business cycle. We find four substantive lessons for policymaking: Capital income taxes should be high initially and then roughly zero; tax rates on labor and consumption should be roughly constant; state-contingent taxes on assets should be used to provide insurance against adverse shocks; and monetary policy should be conducted so as to keep nominal interest rates close to zero. We begin optimal taxation in a static context. We then develop a general framework to analyze optimal fiscal policy. Finally, we analyze optimal monetary policy in three commonly used models of money: a cash-credit economy, a money-in-the-utility-function economy
Optimal Fiscal And Monetary Policy In Customer Markets
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Author : David M. Arseneau
language : en
Publisher:
Release Date : 2008
Optimal Fiscal And Monetary Policy In Customer Markets written by David M. Arseneau and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Inflation (Finance) categories.
A growing body of evidence suggests that ongoing relationships between consumers and firms may be important for understanding price dynamics. We investigate whether the existence of such customer relationships has important consequences for the conduct of both long-run and short-run policy. Our central result is that when consumers and firms are engaged in long-term relationships, the optimal rate of price inflation volatility is very low even though all prices are completely flexible. This finding is in contrast to those obtained in first-generation Ramsey models of optimal fiscal and monetary policy, which are based on Walrasian markets. Echoing the basic intuition of models based on sticky prices, unanticipated inflation in our environment causes a type of relative price distortion across markets. Such distortions stem from fundamental trading frictions that give rise to long-lived customer relationships and makes pursuing inflation stability optimal.
Optimal Fiscal And Monetary Policy
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Author : Pablo Acero Iglesias
language : es
Publisher:
Release Date : 1999
Optimal Fiscal And Monetary Policy written by Pablo Acero Iglesias and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Optimal Fiscal And Monetary Policy In A Medium Scale Macroeconomic Model
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Author : Stephanie Schmitt-Grohé
language : en
Publisher:
Release Date : 2006
Optimal Fiscal And Monetary Policy In A Medium Scale Macroeconomic Model written by Stephanie Schmitt-Grohé and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Fiscal policy categories.
Under an income-tax regime, the optimal income tax rate is quite stable, with a mean of 30 percent and a standard deviation of 1.1 percent. Simple monetary and fiscal rules are shown to implement a competitive equilibrium that mimics well the one induced by the Ramsey policy. When the fiscal authority is allowed to tax capital and labor income at different rates, optimal fiscal policy is characterized by a large and volatile subsidy on capital.
Optimal Fiscal And Monetary Policy Under Imperfect Competition
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Author : Stephanie Schmitt-Grohe
language : en
Publisher:
Release Date : 2001
Optimal Fiscal And Monetary Policy Under Imperfect Competition written by Stephanie Schmitt-Grohe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Competition, Imperfect categories.
Optimal Fiscal And Monetary Policy Under Sticky Prices
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Author : Stephanie Schmitt-Grohé
language : en
Publisher:
Release Date : 2001
Optimal Fiscal And Monetary Policy Under Sticky Prices written by Stephanie Schmitt-Grohé and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Fiscal policy categories.
This paper studies optimal .scal and monetary policy under sticky product prices. The theoretical framework is a stochastic production economy without capital. The government finances an exogenous stream of purchases by levying distortionary income taxes, printing money, and issuing one-period nominally risk-free bonds. The main findings of the paper are: First, for a miniscule degree of price stickiness (i.e., many times below available empirical estimates)the optimal volatility of in.ation is near zero. This result stands in stark contrast with the high volatility of inflation implied by the Ramsey allocation when prices are flexible. The finding is in line with a recent body of work on optimal monetary policy under nominal rigidities that ignores the role of optimal fiscal policy. Second, even small deviations from full price flexibility induce near random walk behavior in government debt and tax rates, as in economies with real non-state-contingent debt only. Finally, sluggish price adjustment raises the average nominal interest rate above the one called for by the Friedman rule.
Optimal Fiscal And Monetary Policy
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Author :
language : pt-BR
Publisher:
Release Date : 2003
Optimal Fiscal And Monetary Policy written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
O presente trabalho tem objetivo de caracterizar as políticas fiscal emonetária ótimas e avaliar o comportamento do ganho de bem estar fruto do usodestas políticas. Para isto, utilizamos um modelo com rigidez de preços econcorrência monopolística em que a taxa de juros nominal e gasto público temefeitos reais na economia, seguindo a literatura Novo-Keynesiana. Observamosque existe ganho no uso conjunto das políticas fiscal e monetária vis-à-vis o casode independência destas políticas. Quanto maior a potência da política fiscal, maior a substituição do instrumento monetário pelo instrumento fiscal na gestãodas políticas ótimas. Finalmente, quanto menor a persistência e/ou maior avolatilidade relativa da política fiscal no caso de independência, maior o ganho debem estar em adotar as políticas ótimas.
Optimal Fiscal And Monetary Policy When Money Is Essential
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Author : S. Boragan Aruoba
language : en
Publisher:
Release Date : 2006
Optimal Fiscal And Monetary Policy When Money Is Essential written by S. Boragan Aruoba and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Economic policy categories.