Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/306478 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 2/2024
Versionsangabe: 
17 January 2024, updated 14 June 2024
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
This paper studies price stability and debt sustainability when the real rate exceeds trend growth (r > g) in a New Keynesian model with endogenous technology growth through R&D. Endogenous growth constitutes a self-financing mechanism for deficits which backs debt and attenuates fiscal inflation. A dynamic r − g stability criterion characterizes the set of feasible monetary-fiscal frameworks. If surpluses do not adjust to stabilize debt, the central bank must permit r − g to fall with inflation. Monetary policy which follows the Taylor principle can be consistent with a unique stable equilibrium under active fiscal policy as growth endogenously creates fiscal capacity and policy space.
Schlagwörter: 
Public Debt
Inflation
Monetary-Fiscal Interaction
Fiscal Theory of the Price Level
Endogenous Growth
JEL: 
E31
E52
E62
E24
O42
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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