Commitment versus discretion in a political economy model of fiscal and monetary policy interaction

被引：4

作者：

Miller, David S. ^{[1
]}

机构：

[1] Fed Reserve Syst, Board Governors, 20th St & Constitut Ave NW, Washington, DC 20551 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2016年 / 84卷

关键词：

Price commitment; Monetary policy; Monetary fiscal policy interaction; Time inconsistency; TAXATION;

D O I：

10.1016/j.jmoneco.2016.09.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Does price commitment result in lower welfare? I pair an independent monetary authority controlling nominal bonds with a fiscal authority microfounded by the political economy model of Battaglini and Coate (2008). Without price commitment, time inconsistency is alleviated by interaction between the benevolent monetary authority and the politically distorted fiscal authority. With price commitment, nominal bonds will be used for wasteful spending by the politically distorted fiscal authority. Price commitment results in lower welfare because it eliminates monetary control over fiscal decisions. Published by Elsevier B.V.

引用

页码：17 / 29

页数：13

共 50 条

[31] Monetary and fiscal policy interaction in the Euro area with different assumptions on the Phillips curve
Bofinger, Peter
Mayer, Eric
OPEN ECONOMIES REVIEW, 2007, 18 (03) : 291 - 305
[32] Monetary and Fiscal Policy Interaction in the Euro Area with Different Assumptions on the Phillips Curve
Peter Bofinger
Eric Mayer
Open Economies Review, 2007, 18 : 291 - 305
[33] Monetary and Fiscal Policy Analysis With an Agent-Based Macroeconomic Model
Haber, Gottfried
JAHRBUCHER FUR NATIONALOKONOMIE UND STATISTIK, 2008, 228 (2-3): : 276 - 295
[34] MONETARY AND FISCAL POLICIES INTERACTION IN DEVELOPING COUNTRIE'S ECONOMY: EVIDENCE FROM UKRAINE
Vavdiiuk, N.
Koretska, N.
Galushchak, V.
FINANCIAL AND CREDIT ACTIVITY-PROBLEMS OF THEORY AND PRACTICE, 2019, 2 (29): : 326 - 338
[35] A Political Economy of Fiscal Space: Political Structures, Bond Markets, and Monetary Accommodation of Government Spending Potential in the Core and Periphery
Eichacker, Nina
REVIEW OF POLITICAL ECONOMY, 2024, 36 (02) : 546 - 564
[36] Debt stabilisation and dynamic interaction between monetary and fiscal policy: In medio stat virtus
Purificato, Francesco
Sodini, Mauro
COMMUNICATIONS IN NONLINEAR SCIENCE AND NUMERICAL SIMULATION, 2023, 118
[37] Regime-switching monetary and fiscal policy rules and their interaction: an Indian case study
Arora, Sanchit
EMPIRICAL ECONOMICS, 2018, 54 (04) : 1573 - 1607
[38] A Model of the Monetary Policy of an Open Economy: a Viability Theory Approach
Zhao Linhai
MANAGEMENT IN COMPLEXITY SCIENCE PERSPECTIVE - THEORY, METHODOLOGY AND PRACTICE: PROCEEDINGS OF THE FIRST INTERNATIONAL CONFERENCE ON COMPLEXITY SCIENCE MANAGEMENT (ICCSM 2010), 2010, : 61 - 65
[39] Regime-switching monetary and fiscal policy rules and their interaction: an Indian case study
Sanchit Arora
Empirical Economics, 2018, 54 : 1573 - 1607
[40] Accounting for monetary and fiscal policy effects in a simple dynamic general equilibrium model
Chang, Ming-Jen
Liu, Meng-Chao
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA, 2018, 31 (01): : 778 - 795

← 1 2 3 4 5 →