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Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers

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dc.creator Leith, Campbell
dc.creator von Thadden, Leopold
dc.date 2006
dc.date.accessioned 2013-10-16T07:06:03Z
dc.date.available 2013-10-16T07:06:03Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19649
dc.identifier ppn:514274093
dc.identifier RePEc:zbw:bubdp1:4472
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19649
dc.description This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption, government debt turns into a relevant state variable which needs to be accounted for in the analysis of equilibrium dynamics. The key analytical finding is that without explicit reference to the level of government debt it is not possible to infer how strongly the monetary and fiscal instruments should be used to ensure determinate equilibrium dynamics. Specifically, we identify in our model discontinuities associated with threshold values of steady-state debt, leading to qualitative changes in the local determinacy requirements. These features extend the logic of Leeper (1991) to an environment in which fiscal policy is non-neutral. Naturally, this non-neutrality increases the importance of fiscal aspects for the design of policy rules consistent with determinate dynamics.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2006,21
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E63
dc.subject E52
dc.subject ddc:330
dc.subject Monetary policy
dc.subject Fiscal regimes
dc.subject Geldpolitik
dc.subject Finanzpolitik
dc.subject Regelgebundene Politik
dc.subject Ungleichgewichtstheorie
dc.subject Dynamisches Gleichgewicht
dc.subject Ricardianisches Äquivalenztheorem
dc.subject Theorie
dc.title Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers
dc.type doc-type:workingPaper


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