Interactions between Monetary and Fiscal Policy Rules
Опубликовано на портале: 24-09-2007
The Economic Journal.
2000.
Vol. 110.
No. 462, Conference Papers.
P. C93-C108.
Тематические разделы:
The Fiscal Stability Pact for EMU implies that constraints on fiscal policy facilitate
inflation control. In this paper we identify two stable policy regimes. When monetary
policy seeks to raise real interest rates in response to excess inflation, a self-stabilising
fiscal policy is required to ensure model stability. A fiscal policy which does not,
by itself, ensure fiscal solvency constrains monetary policy to be relatively 'passive'.
However, in simulations we conclude that the central bank does not need to seek,
on this account, the degree of debt stabilisation that appears to be implied by the
fiscal stability pact
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Ключевые слова
EMU fiscal and monetary policy stabilisation optimal policy rules взаимодействие фискальной и монетарной политики
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