A fiscal stimulus with deep habits and optimal monetary policy

被引：7
|
作者：
Cantore, Cristiano [1 ]
Levine, Paul [1 ]
Melina, Giovanni [1 ]
Yang, Bo [1 ]
机构：
[1] Univ Surrey, Sch Econ, Guildford GU2 5XH, Surrey, England
来源：
ECONOMICS LETTERS | 2012年 / 117卷 / 01期
关键词：
Deep habits; Optimal monetary policy; Price-level rule; SHOCKS;
D O I：
10.1016/j.econlet.2012.05.051
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
A New-Keynesian model with deep habits and optimal monetary policy delivers a larger-than-1 fiscal multiplier and consumption crowding in. Optimized Taylor-type rules dominate a conventional Taylor rule. Consumption is crowded out if the Taylor rule is suboptimal or if commitment is absent. (C) 2012 Elsevier B.V. All rights reserved.
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页码：348 / 353
页数：6
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