المستودع الأكاديمي جامعة المدينة

Fiscal rules and monetary policy in a dynamic stochastic general equilibrium model

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dc.creator Kremer, Jana
dc.date 2004
dc.date.accessioned 2013-10-16T07:05:18Z
dc.date.available 2013-10-16T07:05:18Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19502
dc.identifier ppn:47300903X
dc.identifier RePEc:zbw:bubdp1:2301
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19502
dc.description In this paper an anti-cyclical fiscal policy rule is introduced into a dynamic stochastic general equilibrium model with New-Keynesian features. The rule allows the deficit to deviate from target in proportion to the impact of automatic stabilisers while any additional impact on the deficit, for example on interest expenditure, has to be offset through adjustments of government consumption or taxes. The size of the automatic stabilisers is endogenously determined as the change in the primary deficit that is induced by economic fluctuations for a given tax system. The model is calibrated, and it is shown how the conditions for monetary policy to secure stability and determinacy of the model's equilibrium depend on the fiscal policy rule and, in particular, on the means used to fulfil the rule. It is demonstrated that the Taylor principle holds for reasonable values of the fiscal policy parameter if fiscal policy relies on changes in lump-sum taxes. This runs counter to the benchmark result of Leeper (1991). The same goes for the cases that consumption taxes, profit taxes or government consumption are adjusted to fulfil the fiscal rule. However, if the fiscal rule is met through adjustments of wage or interest tax rates, the range of values of the monetary policy parameter that ensures stability and determinacy change significantly.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2004,35
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E63
dc.subject E31
dc.subject E32
dc.subject E52
dc.subject E62
dc.subject ddc:330
dc.subject dynamic stochastic general equilibrium model
dc.subject monetary policy rules
dc.subject fiscal policy rules
dc.subject stability
dc.subject Geldpolitik
dc.subject Antizyklische Finanzpolitik
dc.subject Wirtschaftspolitische Wirkungsanalyse
dc.subject Ungleichgewichtstheorie
dc.subject Allgemeines Gleichgewicht
dc.subject Stochastischer Prozess
dc.subject Theorie
dc.title Fiscal rules and monetary policy in a dynamic stochastic general equilibrium model
dc.type doc-type:workingPaper


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