Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/213806 
Erscheinungsjahr: 
2020
Quellenangabe: 
[Journal:] Economics Bulletin [ISSN:] 1545-2921 [Volume:] 40 [Issue:] 1 [Publisher:] AccessEcon LLC [Year:] 2020 [Pages:] 140-147
Verlag: 
AccessEcon LLC
Zusammenfassung: 
We consider a frictionless constant endowment economy based on Leeper (1991). In this economy, it is shown that, under an ad-hoc monetary rule and an ad-hoc fiscal rule, there are two equilibria. One has active monetary policy and passive fiscal policy, while the other has passive monetary policy and active fiscal policy. We consider an extended set-up in which the policy maker minimizes a loss function under quasi-commitment, as in Schaumburg and Tambalotti (2007). Under this formulation there exists a unique Ramsey equilibrium, with an interest rate peg and a passive fiscal policy.
Schlagwörter: 
Fiscal theory of the price level
Ramsey optimal policy
Frictionless endowment economy
Interest rate rule
Fiscal rule
JEL: 
E52
E58
E63
E62
Dokumentart: 
Article
Dokumentversion: 
Published Version
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