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Monetary and Fiscal Policy Interactions in the Post-war U.S
Ms.Susan S. YangMs.Nora Traum
出版International Monetary Fund, 2010-11-01
主題Business & Economics / Public FinanceBusiness & Economics / InflationBusiness & Economics / Taxation / General
ISBN14552094309781455209439
URLhttp://books.google.com.hk/books?id=RpUYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋A New Keynesian model allowing for an active monetary and passive fiscal policy (AMPF) regime and a passive monetary and active fiscal policy (PMAF) regime is fit to various U.S. samples from 1955 to 2007. Data in the pre-Volcker periods strongly prefer an AMPF regime, but the estimation is not very informative about whether the inflation coefficient in the interest rate rule exceeds one in pre-Volcker samples. Also, whether a government spending increase yields positive consumption in a PMAF regime depends on price stickiness. An income tax cut can yield a negative labor response if monetary policy aggressively stabilizes output.