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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| Main Authors: | , |
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| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.] :
International Monetary Fund,
©2009.
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| Series: | IMF working paper ;
WP/09/286. |
| Subjects: |
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