Optimal and Time-consistant Monetary and Fiscal Policy with Heterogeneous Agents PDF Download
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Author: Stefania Albanesi
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 45
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Book Description
Author: Stefania Albanesi
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 45
Get Book Here
Book Description
Author: Stefania Albanesi
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 45
Get Book Here
Book Description
Author: Stefania Albanesi
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 60
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Book Description
Author: Stefania ALBANESI
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Stefania Albanesi
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Eduardo Dávila
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper characterizes optimal monetary policy in a canonical heterogeneous-agent New Keynesian (HANK) model with wage rigidity. Under discretion, a utilitarian planner faces the incentive to redistribute towards indebted, high marginal utility households, which is a new source of inflationary bias. With commitment, i) zero inflation is the optimal long-run policy, ii) time-consistent policy requires both inflation and distributional penalties, and iii) the planner trades off aggregate stabilization against distributional considerations, so Divine Coincidence fails. We compute optimal stabilization policy in response to productivity, demand, and cost-push shocks using sequence-space methods, which we extend to Ramsey problems and welfare analysis.
Author: Mark Gertler
Publisher: Mit Press
ISBN: 9780262072533
Category : Business & Economics
Languages : en
Pages : 432
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Book Description
The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers to an audience of public policymakers and the academic community. Each commissioned paper is followed by comments and discussion. This year's edition provides a mix of cutting-edge research and policy analysis on such topics as productivity and information technology, the increase in wealth inequality, behavioral economics, and inflation.
Author: Kenneth S. Rogoff
Publisher: MIT Press
ISBN: 0262072726
Category : Business & Economics
Languages : en
Pages : 479
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Book Description
The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.
Author:
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Category :
Languages : en
Pages :
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This paper analyses the role of monetary policy in an overlapping-generations monetary growth model with two types of agents, who exhibit a different degree of altruism towards their descendants. It is shown that changes in the money growth rate have significant distributional effects. Furthermore, the optimal rate of monetary expansion is, in general, higher than the one implied by the Friedman rule and may, in fact, yield a small but positive rate of inflation, even though capital is invariant to changes in the money growth rate. Finally, this optimal rate of monetary expansion takes higher values as the society`s aversion towards inequality increases.
Author: Galo Nuño
Publisher:
ISBN:
Category :
Languages : en
Pages : 71
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Book Description
We analyze optimal monetary policy under commitment in an economy with uninsurable idiosyncratic risk, long-term nominal claims and costly inflation. Our model features two prominent redistributive channels of monetary policy: the classic Fisherian channel, and unhedged interest rate exposure (URE). The former introduces a “redistributive inflationary bias”, stemming from the fact that debtors (who benefit from inflation) have a higher marginal utility than creditors. This bias is counteracted over time by a disinflationary motive: a commitment to low future inflation raises bond prices, benefiting bond-issuing households (i.e. those with negative URE), who also have a higher marginal utility than bond-purchasing ones. The result is optimal inflation front-loading. Under certain conditions, both motives cancel out asymptotically and optimal long-run inflation is zero. Numerically, we find that optimal policy achieves first-order consumption and welfare redistribution vis-à-vis a zero inflation policy.
