Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints /
We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowingconstrained agents, rathe...
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| Format: | Žurnal |
| Jezik: | English |
| Izdano: |
Washington, D.C. :
International Monetary Fund,
2009.
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| Serija: | IMF Working Papers; Working Paper ;
No. 2009/286 |
| Online pristup: | Full text available on IMF |