Time consistency of fiscal and monetary policy
a solution
by Persson, Mats
"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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Time consistency of fiscal and monetary policy: a solution
2005, National Bureau of Economic Research
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Time consistency of fiscal and monetary policy: a solution
2005, National Bureau of Economic Research
in English
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Edition Notes
Includes bibliographical references.
Title from PDF file as viewed on 2/14/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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