Stabilizing an unstable economy: Fiscal and monetary policy, stocks, and the term structure of interest rates

被引：14

作者：

Charpe, Matthieu ^{[2
]}

Flaschel, Peter ^{[3
]}

Hartmann, Florian ^{[1
]}

Proano, Christian ^{[4
]}

机构：

[1] Univ Osnabruck, Osnabruck, Germany

[2] Int Labor Org, Geneva, Switzerland

[3] Univ Bielefeld, Bielefeld, Germany

[4] New Sch Social Res, New York, NY 10011 USA

来源：

ECONOMIC MODELLING | 2011年 / 28卷 / 05期

关键词：

Monetary business cycles; Portfolio choice; Heterogeneous expectation formation; (In-)stability; Stabilizing policy measures; MONEY;

D O I：

10.1016/j.econmod.2011.05.005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Monetary and fiscal policy measures have been applied in order to avert the financial market collapse and counteract the global recession. In this paper we present an integrated macromodel which in particular focuses on the financial markets. We use a Tobin-like macroeconomic portfolio approach, and the interaction of heterogeneous agents on the financial market to characterize the potential for financial market instability. We show that specific but unorthodox fiscal and monetary policies have to be used to stabilize such unstable macroeconomies. (C) 2011 Elsevier B.V. All rights reserved.

引用

页码：2129 / 2136

页数：8

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