Опубликовано на портале: 25-10-2007Andrew Hughes Hallett, Diana Weymark Economics Letters. 2004. Vol. 85. No. 1. P. 103-110.
Monetary policy is formulated as a game between the government and the central bank. We show that, when fiscal policy has a redistributional component, there is a conflict between optimally configured monetary policies and equality. Consequently, inflation averse governments interested in social equity will need to limit their use of fiscal policy.