Welfare-maximizing operational monetary and tax policy rules
Welfare-maximizing operational monetary and tax policy rules
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DOI：
10.1017/s1365100507060397
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发表时间：
2008-04-01
影响因子：
0.9
通讯作者：
Kollmann, Robert
中科院分区：
文献类型：
--
作者：
Kollmann, Robert
本文在一个具有粘性价格的校准动态一般均衡模型中计算了福利最大化的货币和税收政策反馈规则。政府进行外生的最终商品购买，征收按比例征收的所得税，并发行名义上的一期债券。采用二次逼近法对模型进行求解，计算家庭福利。优化的政策具有强烈的反通胀立场，并意味着税率和公共债务的持续波动。非常简单的优化政策规则，在这种规则下，利率只对通胀做出反应，税率只对公共债务做出反应，产生的福利水平非常接近于更丰富的规则产生的福利水平。
This paper computes welfare-maximizing monetary and tax policy feedback rules in a calibrated dynamic general equilibrium model with sticky prices. The government makes exogenous final good purchases, levies a proportional income tax, and issues nominal one-period bonds. A quadratic approximation method is used to solve the model and to compute household welfare. Optimized policy has a strong anti-inflation stance and implies persistent fluctuations of the tax rate and of public debt. Very simple optimized policy rules, under which the interest rate just responds to inflation and the tax rate just responds to public debt, yield a welfare level very close to that generated by richer rules.