An edition of Time consistency of fiscal and monetary policy (2005)

Time consistency of fiscal and monetary policy

a solution

by

Time consistency of fiscal and monetary polic ...
Persson, Mats, Persson, Mats
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Last edited by WorkBot
December 15, 2009 | History
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An edition of Time consistency of fiscal and monetary policy (2005)

Time consistency of fiscal and monetary policy

a solution

by

"This paper demonstrates how time consistency of the Ramsey policy - the optimal fiscal and monetary policy under commitment - can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surprise inflation exactly balances the marginal cost. Unlike in earlier papers on the topic, the result holds for quite a general Ramsey policy, including timevarying polices with positive inflation and positive nominal interest rates. We compare our results with those in Persson, Persson, and Svensson (1987), Calvo and Obstfeld (1990), and Alvarez, Kehoe, and Neumeyer (2004)"--National Bureau of Economic Research web site.

Publish Date
Publisher
National Bureau of Economic Research
Language
English
Pages
21

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Subjects

Econometric models Fiscal policy Mathematical models Monetary policy
Edition Availability
Cover of: Time consistency of fiscal and monetary policy
Time consistency of fiscal and monetary policy: a solution
2005, National Bureau of Economic Research
Electronic resource in English
Cover of: Time consistency of fiscal and monetary policy
Time consistency of fiscal and monetary policy: a solution
2005, National Bureau of Economic Research
in English

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Book Details

Edition Notes

"January 2005."

Includes bibliographical references (p. 20-21).

Also available in PDF from the NBER world wide web site (www.nber.org).

Published in
Cambridge, Mass
Series
NBER working paper series -- no. 11088., Working paper series (National Bureau of Economic Research) -- working paper no. 11088.

The Physical Object

Pagination
21 p. ;
Number of pages
21

Edition Identifiers

Open Library
OL17625537M
OCLC/WorldCat
57733014

Work Identifiers

Work ID
OL5891697W

Source records

Work Description

"This paper demonstrates how time consistency of the Ramsey policy - the optimal fiscal and monetary policy under commitment - can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surprise inflation exactly balances the marginal cost. Unlike in earlier papers on the topic, the result holds for quite a general Ramsey policy, including timevarying polices with positive inflation and positive nominal interest rates. We compare our results with those in Persson, Persson, and Svensson (1987), Calvo and Obstfeld (1990), and Alvarez, Kehoe, and Neumeyer (2004)"--National Bureau of Economic Research web site.

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