Optimal Fiscal And Monetary Policy Under Imperfect Competition
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Optimal Fiscal And Monetary Policy Under Imperfect Competition
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Author : Stephanie Schmitt-Grohe
language : en
Publisher:
Release Date : 2003
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 2003 with Competition, Imperfect categories.
This paper studies optimal fiscal and monetary policy under imperfect competition in a stochastic, flexible-price, production economy without capital. It shows analytically that in this economy the nominal interest rate acts as an indirect tax on monopoly profits. Unless the social planner has access to a direct 100 percent tax on profits, he will always find it optimal to deviate from the Friedman rule by setting a positive and time-varying nominal interest rate. The dynamic properties of the Ramsey allocation are characterized numerically. As in the perfectly competitive case, the labor income tax is remarkably smooth, whereas inflation is highly volatile and serially uncorrelated. An exact numerical solution method to the Ramsey conditions is proposed.
Optimal Fiscal And Monetary Policy Under Imperfect Competition
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Author : Martín Uribe
language : en
Publisher:
Release Date : 2008
Optimal Fiscal And Monetary Policy Under Imperfect Competition written by Martín Uribe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
This paper studies optimal fiscal and monetary policy under imperfect competition in a stochastic, flexible-price, production economy without capital. It shows analytically that in this economy the nominal interest rate acts as an indirect tax on monopoly profits. Unless the social planner has access to a direct 100 percent tax on profits, he will always find it optimal to deviate from the Friedman rule by setting a positive and time-varying nominal interest rate. The dynamic properties of the Ramsey allocation are characterized numerically. As in the perfectly competitive case, the labor income tax is remarkably smooth, whereas inflation is highly volatile and serially uncorrelated. An exact numerical solution method to the Ramsey conditions is proposed.
The Macroeconomics Of Imperfect Competition And Nonclearing Markets
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Author : Jean-Pascal Benassy
language : en
Publisher: MIT Press
Release Date : 2005-01-14
The Macroeconomics Of Imperfect Competition And Nonclearing Markets written by Jean-Pascal Benassy and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-14 with Business & Economics categories.
In this book, Jean-Pascal Benassy attempts to integrate into a single unified framework dynamic macroeconomic models reflecting such diverse lines of thought as general equilibrium theory, imperfect competition, Keynesian theory, and rational expectations. He begins with a simple microeconomic synthesis of imperfect competition and nonclearing markets in general equilibrium under rational expectations. He then applies this framework to a large number of dynamic macroeconomic models, covering such topics as persistent unemployment, endogenous growth, and optimal fiscal-monetary policies. The macroeconomic methodology he uses is similar in spirit to that of the popular real business cycles theory, but the scope is much wider. All of the models are solved "by hand," making the underlying economic mechanisms particularly clear.
Optimal Inflation In An Open Economy With Imperfect Competition
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Author : David M. Arseneau
language : en
Publisher:
Release Date : 2004
Optimal Inflation In An Open Economy With Imperfect Competition 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 2004 with Competition categories.
Fiscal And Monetary Policy In A Dynamic Model Of Imperfect Competition
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Author : Ben J. Heijdra
language : en
Publisher:
Release Date : 1993
Fiscal And Monetary Policy In A Dynamic Model Of Imperfect Competition written by Ben J. Heijdra and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Monetary policy categories.
Optimal Taxation With Imperfect Competition And Aggregate Returns To Specialization
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Author : Javier Coto-Martinez
language : en
Publisher:
Release Date : 2007
Optimal Taxation With Imperfect Competition And Aggregate Returns To Specialization written by Javier Coto-Martinez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
"In this paper we explore the proposition that in economies with imperfect competitive markets the optimal capital income tax is negative and the optimal tax on firms profits is confiscatory. We show that if the total factor productivity as well as the measure of firms or varieties are endogenous instead of fixed, then the optimal fiscal policy can lead to different results. The government faces a trade-off between the fixed costs that society pays for the introduction of a new firm and the productivity gains associated to the introduction of a new variety. We find that the optimal fiscal policy depends on the relationship between the index of market power, the returns to specialization, and the government's ability to control entry"--Federal Reserve Bank of St. Louis web site.
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.
Monetary And Fiscal Policy In A Hartian Policy Of Imperfect Competition
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Author : N. Rankin
language : en
Publisher:
Release Date : 1988
Monetary And Fiscal Policy In A Hartian Policy Of Imperfect Competition written by N. Rankin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Economics categories.
Nber Macroeconomics Annual 2005
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Author : Kenneth S. Rogoff
language : en
Publisher: MIT Press
Release Date : 2006-04
Nber Macroeconomics Annual 2005 written by Kenneth S. Rogoff and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-04 with Business & Economics categories.
The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.
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.