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Author : Stephanie Schmitt-Grohe
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.X/5 (6 download)
Download or read book Optimal Fiscal and Monetary Policy Under Imperfect Competition written by Stephanie Schmitt-Grohe and published by . This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Martín Uribe
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Optimal Fiscal and Monetary Policy Under Imperfect Competition written by Martín Uribe and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies optimal fiscal and monetary policy under imperfect competition in a stochastic, flexible-price, production economy without capital. It shows analytically that in this economy the nominal interest rate acts as an indirect tax on monopoly profits. Unless the social planner has access to a direct 100 percent tax on profits, he will always find it optimal to deviate from the Friedman rule by setting a positive and time-varying nominal interest rate. The dynamic properties of the Ramsey allocation are characterized numerically. As in the perfectly competitive case, the labor income tax is remarkably smooth, whereas inflation is highly volatile and serially uncorrelated. An exact numerical solution method to the Ramsey conditions is proposed.
Author : Ben J. Heijdra
Publisher :
ISBN 13 : 9789055390076
Total Pages : 40 pages
Book Rating : 4.3/5 (9 download)
Download or read book Fiscal and Monetary Policy in a Dynamic Model of Imperfect Competition written by Ben J. Heijdra and published by . This book was released on 1993 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David M. Arseneau
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.E/5 ( download)
Download or read book Optimal Inflation in an Open Economy with Imperfect Competition written by David M. Arseneau and published by . This book was released on 2004 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kenneth S. Rogoff
Publisher : MIT Press
ISBN 13 : 0262072726
Total Pages : 479 pages
Book Rating : 4.2/5 (62 download)
Download or read book NBER Macroeconomics Annual 2005 written by Kenneth S. Rogoff and published by MIT Press. This book was released on 2006-04 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.
Author : Jean-Pascal Benassy
Publisher : MIT Press
ISBN 13 : 9780262261739
Total Pages : 296 pages
Book Rating : 4.2/5 (617 download)
Download or read book The Macroeconomics of Imperfect Competition and Nonclearing Markets written by Jean-Pascal Benassy and published by MIT Press. This book was released on 2005-01-14 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Jean-Pascal Benassy attempts to integrate into a single unified framework dynamic macroeconomic models reflecting such diverse lines of thought as general equilibrium theory, imperfect competition, Keynesian theory, and rational expectations. He begins with a simple microeconomic synthesis of imperfect competition and nonclearing markets in general equilibrium under rational expectations. He then applies this framework to a large number of dynamic macroeconomic models, covering such topics as persistent unemployment, endogenous growth, and optimal fiscal-monetary policies. The macroeconomic methodology he uses is similar in spirit to that of the popular real business cycles theory, but the scope is much wider. All of the models are solved "by hand," making the underlying economic mechanisms particularly clear.
Author : N. Rankin
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (597 download)
Download or read book Monetary and Fiscal Policy in a 'Hartian' Policy of Imperfect Competition written by N. Rankin and published by . This book was released on 1988 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Neil Rankin
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.X/5 (1 download)
Download or read book Monetary and Fiscal Policy in a "Hartian" Model of Imperfect Competition written by Neil Rankin and published by . This book was released on 1987 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal fiscal and monetary policy written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: O presente trabalho tem objetivo de caracterizar as políticas fiscal emonetária ótimas e avaliar o comportamento do ganho de bem estar fruto do usodestas políticas. Para isto, utilizamos um modelo com rigidez de preços econcorrência monopolística em que a taxa de juros nominal e gasto público temefeitos reais na economia, seguindo a literatura Novo-Keynesiana. Observamosque existe ganho no uso conjunto das políticas fiscal e monetária vis-à-vis o casode independência destas políticas. Quanto maior a potência da política fiscal, maior a substituição do instrumento monetário pelo instrumento fiscal na gestãodas políticas ótimas. Finalmente, quanto menor a persistência e/ou maior avolatilidade relativa da política fiscal no caso de independência, maior o ganho debem estar em adotar as políticas ótimas.
Author : Huw Dixon
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.X/5 (2 download)
Download or read book Imperfect Competition and Macroeconomics written by Huw Dixon and published by . This book was released on 1992 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stephanie Schmitt-Grohé
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.X/5 (6 download)
Download or read book Optimal Fiscal and Monetary Policy Under Sticky Prices written by Stephanie Schmitt-Grohé and published by . This book was released on 2001 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies optimal .scal and monetary policy under sticky product prices. The theoretical framework is a stochastic production economy without capital. The government finances an exogenous stream of purchases by levying distortionary income taxes, printing money, and issuing one-period nominally risk-free bonds. The main findings of the paper are: First, for a miniscule degree of price stickiness (i.e., many times below available empirical estimates)the optimal volatility of in.ation is near zero. This result stands in stark contrast with the high volatility of inflation implied by the Ramsey allocation when prices are flexible. The finding is in line with a recent body of work on optimal monetary policy under nominal rigidities that ignores the role of optimal fiscal policy. Second, even small deviations from full price flexibility induce near random walk behavior in government debt and tax rates, as in economies with real non-state-contingent debt only. Finally, sluggish price adjustment raises the average nominal interest rate above the one called for by the Friedman rule.
Author : Luis Filipe Pereira da Costa
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (837 download)
Download or read book Fiscal Policy Under Imperfect Competition with Flexible Prices written by Luis Filipe Pereira da Costa and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luís F. da Costa
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (966 download)
Download or read book Fiscal Policy Under Imperfect Competition written by Luís F. da Costa and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David M. Arseneau
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)
Download or read book Optimal Fiscal and Monetary Policy in Customer Markets written by David M. Arseneau and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard Hemming
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Effectiveness of Fiscal Policy in Stimulating Economic Activity written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-12 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Author : Michael T. Gapen
Publisher : International Monetary Fund
ISBN 13 : 1451875371
Total Pages : 40 pages
Book Rating : 4.4/5 (518 download)
Download or read book Optimal Fiscal and Monetary Policy with Nominal and Indexed Debt written by Michael T. Gapen and published by International Monetary Fund. This book was released on 2003-11-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights the importance of debt composition in setting optimal fiscal and monetary policy over short-run business cycles and in the long run. Nominal debt as state-contingent debt can be a significant policy tool to reduce the volatility of distortionary government policy, thereby reducing macroeconomic volatility while increasing equilibrium output and consumption. The welfare gain from using nominal debt to hedge against shocks to the government budget is as large as the welfare gain from the ability to issue debt.
Author : John Y. Campbell
Publisher : University of Chicago Press
ISBN 13 : 0226092127
Total Pages : 444 pages
Book Rating : 4.2/5 (26 download)
Download or read book Asset Prices and Monetary Policy written by John Y. Campbell and published by University of Chicago Press. This book was released on 2008-11-15 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.
