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Optimal Simple Rules for the Conduct of Monetary and Fiscal Policy

Опубликовано на портале: 16-11-2007
Journal of Macroeconomics. 2007.  Vol. 29. No. 4. P. 665-689 . 
Stabilization policy involves joint monetary and fiscal rules. We develop a model enabling us to characterize systematic simple monetary and fiscal policy over the business cycle. We principally focus on the following question. What are the key properties of the joint simple rule governing the conduct of systematic stabilization policy? We find that conducting stabilization policy incorporates not only a set of monetary policy choices governed by the so-called ‘Taylor principle’ but also fiscal policy that gives considerable force to automatic stabilizers. Recent US and UK monetary and fiscal choices seem broadly consistent with this model. This result is found to be robust to a number of alternate modeling strategies

Аннотация статьи представлена на сайте ScienceDirect. Полный текст статьи находится в закрытом доступе

Препринт (полный текст) размещен на сайте University of Cambridge и на сайте University of St Andrews, где также представлено приложение к нему
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