|
Hokkaido University Collection of Scholarly and Academic Papers >
Graduate School of Economics and Business / Faculty of Economics and Business >
Discussion paper >
Series A >
Monetary Policy Rules and the Effects of Fiscal Policy
| Title: | Monetary Policy Rules and the Effects of Fiscal Policy |
| Authors: | Kudoh, Noritaka Browse this author | | Nguyen, Hong Thang Browse this author |
| Keywords: | monetary policy rules | | fiscal policy | | overlapping generations |
| Issue Date: | Feb-2010 |
| Publisher: | Graduate School of Economics & Business Administration, Hokkaido University |
| Journal Title: | Discussion Paper, Series A |
| Volume: | 220 |
| Start Page: | 1 |
| End Page: | 25 |
| Abstract: | We explore the implications of adopting a Taylor-type interest-rate rule in a simple monetary growth model in which budget deficits are financed partly by unbacked government debt. To ensure uniqueness of the steady-state equilibrium, monetary policy cannot be either too "active" or too "passive". The effects of fiscal policy depend crucially on whether monetary policy is active or passive, and are independent of the "tightness" of monetary policy. |
| Type: | bulletin (article) |
| URI: | http://hdl.handle.net/2115/42609 |
| Appears in Collections: | Discussion paper > Series A
|
Submitter: 工藤 教孝
|
