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Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints

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

DOI: http://dx.doi.org/10.5089/9781451874310.001

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...

Optimal Monetary Policy with Overlapping Generations of Policymakers

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

DOI: http://dx.doi.org/10.5089/9781451962642.001

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...

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...

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...