返回Google圖書搜尋

Targeting Inflation and the Fiscal Balance

其他書名	What is the Optimal Policy Mix?
出版	SSRN, 2013
URL	http://books.google.com.hk/books?id=rXXazwEACAAJ&hl=&source=gbs_api

註釋This paper identifies optimal policy rules in the presence of explicit targets for both the inflation rate and public debt. This issue is investigated in the context of a dynamic stochastic general equilibrium model that describes a small open economy with capital accumulation, distortionary taxation and nominal price rigidities. The model is solved using a second-order approximation to the equilibrium conditions. Optimal policy features a strong anti-inflation stance and strict fiscal discipline. Targeting a domestic inflation index - as opposed to CPI - improves welfare because it reduces the inefficiencies that stem from both price stickiness and income taxes.