Optimal Fiscal Feedback On Debt In an Economy with Nominal Rigidities
Optimal Fiscal Feedback On Debt In an Economy with Nominal Rigidities
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名义刚性经济体中债务的最优财政反馈
DOI：
10.1111/j.1468-0297.2011.02458.x
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发表时间：
2012
期刊：
影响因子：
--
通讯作者：
Kirsanova T
中科院分区：
文献类型：
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作者：
Kirsanova T
我们研究了当货币政策是最优的，而不是遵循一个简单的规则时，不同程度的财政反馈对债务的影响。我们发现财政反馈的福利最大化水平很小。我们首次展示了货币政策和福利行为在这一最优水平两侧的明显不连续性。随着财政反馈的增加，最优货币政策变得不那么积极，因为财政反馈往往会抑制通胀冲击。如果财政反馈低于某个临界值，货币政策就会变得非常被动，从而导致福利急剧恶化。
We examine the impact of different degrees of fiscal feedback on debt when monetary policy is determined optimally, rather than following a simple rule. We find the welfare maximising level of fiscal feedback to be small. We show for the first time a clear discontinuity in the behaviour of monetary policy and welfare either side of this optimal level. As fiscal feedback increases, optimal monetary policy becomes less active because fiscal feedback tends to deflate inflationary shocks. If fiscal feedback falls below some critical value, monetary policy becomes strongly passive and this leads to a sharp deterioration in welfare.