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Optimal Monetary and Fiscal Policy with Limited Asset Market Participation

Optimal Monetary and Fiscal Policy with Limited Asset Market Participation »

Source: Optimal Monetary and Fiscal Policy with Limited Asset Market Participation

Volume/Issue: 2009/137

Series: IMF Working Papers

Author(s): Sven Jari Stehn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2009

ISBN: 9781451872842

Keywords: rule-of-thumb consumers, government expenditure, optimal monetary policy, optimal fiscal policy., expenditure, government spending, public spending, Rule Of Thumb Consumers, Optimal Fiscal Policy,

This paper characterises the jointly optimal monetary and fiscal stabilisation policy in a new Keynesian model that allows for consumers who lacking access to asset markets consume their disposable income each peri...

Measuring the Performance of Fiscal Policy in Russia

Measuring the Performance of Fiscal Policy in Russia »

Source: Measuring the Performance of Fiscal Policy in Russia

Volume/Issue: 2005/241

Series: IMF Working Papers

Author(s): Antonio Spilimbergo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2005

ISBN: 9781451862607

Keywords: Russia, optimal fiscal policy, expenditure, fiscal stance, fiscal balance, taxation,

This paper evaluates the performance of fiscal policy in Russia since the 1998 crisis along several dimensions, using a variety of indicators. Russia has progressed tremendously in recent years on public debt susta...

Optimal Monetary Policy with Overlapping Generations of Policymakers

Optimal Monetary Policy with Overlapping Generations of Policymakers »

Source: Optimal Monetary Policy with Overlapping Generations of Policymakers

Volume/Issue: 2010/32

Series: IMF Working Papers

Author(s): Maral Shamloo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2010

ISBN: 9781451962642

Keywords: Monetary Policy Committee, Commitment, Discretion, Optimal Monetary Policy, inflation, monetary authority, monetary economics,

In this paper I study the effect of imperfect central bank commitment on inflationary outcomes. I present a model in which the monetary authority is a committee that consists of members who serve overlapping, finit...

Optimal Control of a Global Model of Climate Change with Adaptation and Mitigation*

Optimal Control of a Global Model of Climate Change with Adaptation and Mitigation* »

Source: Optimal Control of a Global Model of Climate Change with Adaptation and Mitigation

Volume/Issue: 2018/270

Series: IMF Working Papers

Author(s): Manoj Atolia , Prakash Loungani , Helmut Maurer , and Willi Semmler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2018

ISBN: 9781484387795

Keywords: Fiscal policy, Climate Change, Optimal Control, Environmental Economics, Environmental Economics: Government Policy

The Integrated Assessment Model (IAM) has extensively treated the adverse effects of climate change and the appropriate mitigation policy. We extend such a model to include optimal policies for mitigation, adaptati...

Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices

Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices »

Source: Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices

Volume/Issue: 2007/217

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Ruy Lama

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2007

ISBN: 9781451867817

Keywords: Optimal monetary policy, asset market segmentation, inflation, asset market, market segmentation, nominal interest rate,

This paper studies optimal monetary policy in a two-sector small open economy model under segmented asset markets and sticky prices. We solve the Ramsey problem under full commitment, and characterize the optimal m...

Simple Monetary Rules Under Fiscal Dominance

Simple Monetary Rules Under Fiscal Dominance »

Source: Simple Monetary Rules Under Fiscal Dominance

Volume/Issue: 2007/271

Series: IMF Working Papers

Author(s): Michael Kumhof , Ricardo Nunes , and Irina Yakadina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2007

ISBN: 9781451868340

Keywords: Optimal simple policy rules, inflation targeting, monetary authority, nominal interest rates,

Is aggressive monetary policy response to inflation feasible in countries that suffer from fiscal dominance? We find that if nominal interest rates are allowed to respond to government debt, even aggressive rules t...

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints »

Source: Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints

Volume/Issue: 2009/286

Series: IMF Working Papers

Author(s): Michael Kumhof , and Huixin Bi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

ISBN: 9781451874310

Keywords: Optimal simple rules, monetary policy rules, fiscal policy rules, welfare analysis, borrowing constraints, tax revenue, inflation, government spending,

We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than...

Inequality and Optimal Redistributive Tax and Transfer Policies

Inequality and Optimal Redistributive Tax and Transfer Policies »

Source: Inequality and Optimal Redistributive Tax and Transfer Policies

Volume/Issue: 1999/60

Series: IMF Working Papers

Author(s): Howell Zee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1999

ISBN: 9781451848038

Keywords: Tax policy, inequality, progressive taxation, optimal taxation, transfer policy, taxation, tax rates, marginal tax rates, average tax rate

This paper explores the revenue-raising aspect of progressive taxation and derives, on the basis of a simple model, the optimal degree of tax progressivity where the tax revenue is used exclusively to finance (perf...

Optimal Fiscal and Monetary Policy with Nominal and Indexed Debt

Optimal Fiscal and Monetary Policy with Nominal and Indexed Debt »

Source: Optimal Fiscal and Monetary Policy with Nominal and Indexed Debt

Volume/Issue: 2003/225

Series: IMF Working Papers

Author(s): Thomas Cosimano , and Michael Gapen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2003

ISBN: 9781451875379

Keywords: Ramsey policy, Optimal monetary policy, money growth, inflation, government spending, government budget, Financial Markets and the Macroeconomy,

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...

The Gains From International Monetary Cooperation Revisited

The Gains From International Monetary Cooperation Revisited »

Source: The Gains From International Monetary Cooperation Revisited

Volume/Issue: 2004/1

Series: IMF Working Papers

Author(s): Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2004

ISBN: 9781451841664

Keywords: monetary policy coordination, second-order approximation, monetary authorities, inflation, money growth, optimal monetary policy, Open Economy Macroeconomics, International Policy Coordination and Transmission,

This paper examines the issue of whether countries can improve their welfare by coordinating macroeconomic policies. The main purpose is to compute the gains from international monetary cooperation as the differenc...