Monetary Policy Rules and the Effects of Fiscal Policy

Kudoh, Noritaka; Nguyen, Hong Thang

Discussion Paper, Series A, 2010, 220, 1-25

Permalink : https://hdl.handle.net/2115/42609

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アクセス権	open access
URI	https://hdl.handle.net/2115/42609
タイトル	Monetary Policy Rules and the Effects of Fiscal Policy
著者	著者名 Kudoh, Noritaka
著者	著者名 Nguyen, Hong Thang
言語	英語
キーワード	monetary policy rules
	fiscal policy
	overlapping generations
発行日	2010-02
出版者	Graduate School of Economics & Business Administration, Hokkaido University
収録物名	Discussion Paper, Series A
巻(号)	220
ページ	1-25
抄録	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.
資源タイプ	紀要論文
出版タイプ	Version of Record