Policy Interaction and Learning Equilibria


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Please use this identifier to cite or link to this item:http://hdl.handle.net/2115/53069

Title:	Policy Interaction and Learning Equilibria
Authors:	Kudoh, Noritaka Browse this author →KAKEN DB
Keywords:	Endogenous Growth
	Public Debt
	Indeterminacy
	E-Stability
Issue Date:	Jun-2013
Publisher:	Cambridge University Press
Journal Title:	Macroeconomic Dynamics
Volume:	17
Issue:	4
Start Page:	920
End Page:	935
Publisher DOI:	10.1017/S1365100511000526
Abstract:	This note studies fiscal-monetary policy interactions in an endogenous growth model with multiple assets. The ""growth-rate Laffer curve"" clarifies an important tension between economic growth and government revenue and reveals that higher economic growth does not always finance a larger budget deficit. There are two Pareto-ranked balanced-growth equilibria, which can both be E-stable. Although fiscal policy can eliminate the expectational indeterminacy, it rules out the equilibrium with a higher growth rate and higher welfare. Near the lower bound of the nominal interest rate, an arbitrarily small budget deficit will select the low-growth equilibrium to be the unique E-stable equilibrium.
Rights:	© Cambridge University Press 2011
Relation:	http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=8921529
Type:	article
URI:	http://hdl.handle.net/2115/53069
Appears in Collections:	経済学院・経済学研究院 (Graduate School of Economics and Business / Faculty of Economics and Business) > 雑誌発表論文等 (Peer-reviewed Journal Articles, etc)

Submitter: 工藤教孝

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