Check nearby libraries
Buy this book
"We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky (so that the supply-side effects of tax changes are more complex than in standard fiscal analyses) and the only available sources of government revenue are distorting taxes (so that the fiscal consequences of monetary policy must be considered alongside the usual stabilization objectives). Our linear-quadratic approach allows us to nest both conventional analyses of optimal monetary stabilization policy and analyses of optimal tax-smoothing as special cases of our more general framework. We show how a linear-quadratic policy problem can be derived which yields a correct linear approximation to the optimal policy rules from the point of view of the maximization of expected discounted utility in a dynamic stochastic general-equilibrium model. Finally, in addition to characterizing the optimal dynamic responses to shocks under an optimal policy, we derive policy rules through which the monetary and fiscal authorities may implement the optimal equilibrium. These take the form of optimal targeting rules, specifying an appropriate target criterion for each authority"--Federal Reserve Board web site.
Check nearby libraries
Buy this book
Showing 2 featured editions. View all 2 editions?
Edition | Availability |
---|---|
1
Optimal monetary and fiscal policy: a linear-quadratic approach
2004, Federal Reserve Board
Electronic resource
in English
|
zzzz
|
2
Optimal monetary and fiscal policy: a linear-quadratic approach
2003, National Bureau of Economic Research
in English
|
aaaa
Libraries near you:
WorldCat
|
Book Details
Edition Notes
"August 2003."
Includes bibliographical references.
Also available in PDF from the NBER world wide web site (www.nber.org).
The Physical Object
ID Numbers
Community Reviews (0)
Feedback?History
- Created September 29, 2008
- 3 revisions
Wikipedia citation
×CloseCopy and paste this code into your Wikipedia page. Need help?
December 15, 2009 | Edited by WorkBot | link works |
April 25, 2009 | Edited by ImportBot | add OCLC number |
September 29, 2008 | Created by ImportBot | Imported from Oregon Libraries MARC record. |