Jointly optimal monetary and fiscal policy rules under borrowing constraints / prepared by Huizin Bi and Michael Kumhof.

We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowing constrained agents, rath...

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Bibliographic Details
Online Access: Full Text (via ProQuest)
Main Authors: Bi, Huixin (Author), Kumhof, Michael (Author)
Corporate Author: International Monetary Fund. Research Department
Format: Electronic eBook
Language:English
Published: [Washington, D.C.] : International Monetary Fund, ©2009.
Series:IMF working paper ; WP/09/286.
Subjects:

MARC

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245 1 0 |a Jointly optimal monetary and fiscal policy rules under borrowing constraints /  |c prepared by Huizin Bi and Michael Kumhof. 
260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c ©2009. 
300 |a 1 online resource (39 pages) :  |b color illustrations. 
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490 1 |a IMF working paper ;  |v WP/09/286 
504 |a Includes bibliographical references (pages 23-25). 
520 |a We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowing constrained agents, rather than output. The optimized monetary rule features super-inertia and a very low coefficient on inflation, which minimizes real wage volatility. The welfare gains of optimizing the fiscal rule are far larger than the welfare gains of optimizing the monetary rule. The preferred fiscal instruments are government spending and transfers targeted to borrowing-constrained agents. 
588 0 |a Print version record. 
650 0 |a Monetary policy  |x Econometric models. 
650 0 |a Fiscal policy  |x Econometric models. 
650 0 |a Loans  |x Econometric models. 
650 0 |a Credit  |x Econometric models. 
650 7 |a Credit  |x Econometric models  |2 fast 
650 7 |a Fiscal policy  |x Econometric models  |2 fast 
650 7 |a Loans  |x Econometric models  |2 fast 
650 7 |a Monetary policy  |x Econometric models  |2 fast 
700 1 |a Kumhof, Michael,  |e author. 
710 2 |a International Monetary Fund.  |b Research Department. 
776 0 8 |i Print version:  |a Bi, Huixin.  |t Jointly optimal monetary and fiscal policy rules under borrowing constraints.  |d [Washington, D.C.] : International Monetary Fund, ©2009  |w (OCoLC)587446040 
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