Monetary-fiscal policy interactions and their effect on economic performance: new theory, empirics, and an application to Australia

货币财政政策相互作用及其对经济表现的影响：新理论、经验及其在澳大利亚的应用

• 批准号: DP0879638
• 负责人: Dr Jan Libich
• 金额: $ 9.3万
• 依托单位: La Trobe University
• 依托单位国家: 澳大利亚
• 项目类别: Discovery Projects
• 财政年份: 2008
• 资助国家: 澳大利亚
• 起止时间: 2008-01-01 至 2012-06-30
• 项目状态: 已结题
• 来源: https://dataportal.arc.gov.au/RGS/Web/Grants/DP0879638
• 关键词: Monetary; fiscal; policy; interactions; their

Both fiscal and monetary policy are powerful tools that affect the wellbeing of individuals. Even if current policies are 'responsible', the social cost of uncertainty about the future is extremely high - to which the 2004 'high interest rates under Labour' election campaign or current heated fiscal debates in the US and EU testify. Our analysis will contribute to the reduction of the social cost by identifying the institutional setting that is robust to 'bad' policymakers, i.e. one in which socially optimal policies are 'institutionalized' (legislated) rather than resting with individuals. Such arrangements are further likely to stimulate investment and economic growth.

财政和货币政策都是影响个人福祉的强大工具。即使当前的政策是“负责任的”，未来不确定性的社会成本也是极高的——2004年“工党领导下的高利率”竞选活动或当前美国和欧盟激烈的财政辩论都证明了这一点。我们的分析将通过确定对“坏”政策制定者有利的制度环境，即社会最优政策被“制度化”（立法）而不是由个人决定的制度环境，有助于降低社会成本。这种安排还有可能刺激投资和经济增长。