...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Economic Dynamics and Control >Optimal fiscal policy under private debt deleveraging
【24h】

Optimal fiscal policy under private debt deleveraging

机译：私人债务去杠杆化下的最优财政政策

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This paper investigates Ramsey-optimal fiscal policy in a closed economy with savers and borrowers in the presence of a private debt deleveraging shock where monetary policy is constrained by the zero lower bound (ZLB). It is shown that monetary policy being constraint by the ZLB implies huge welfare losses. Applying an optimal fiscal policy in this situation is found to be highly effective by eliminating roughly one quarter of the total welfare loss of being at the ZLB. Here, following the optimal fiscal policy imlies a prolonged stay at the ZLB. Moreover, while the relative effectiveness of consumption and wage taxes depends on the presence of government spending as well as on the specific monetary policy conducted, all Ramsey-policies aiming at maximizing economy-wide welfare imply reducing the welfare of savers. Furthermore, it is found that the welfare gains of having government spending as an additional instrument are small compared to the total welfare gains of applying a Ramsey-optimal instead of an exogenous policy. Finally, it is shown that if fiscal policy is set optimally, conducting an inflation-targeting policy instead of an optimal monetary policy need not necessarily imply welfare losses. (C) 2018 Elsevier B.V. All rights reserved.
机译：本文研究了在存在私人债务去杠杆冲击，货币政策受到零下限（ZLB）约束的情况下，有储户和借款人的封闭经济中的拉姆齐最优财政政策。结果表明，受到ZLB约束的货币政策意味着巨大的福利损失。在这种情况下，应用最佳的财政政策是非常有效的，因为消除了ZLB造成的总福利损失的大约四分之一。在这里，遵循最佳的财政政策意味着在ZLB的逗留时间较长。此外，虽然消费税和工资税的相对有效性取决于政府支出的存在以及所执行的特定货币政策，但所有旨在使全经济范围内的福利最大化的拉姆齐政策都意味着减少了储蓄者的福利。此外，还发现，与应用拉姆西最优而非外生政策相比，将政府支出作为附加工具的福利收益很小。最后，证明了如果最优地设定财政政策，那么实施通货膨胀目标政策而不是最优货币政策并不一定意味着福利损失。 （C）2018 Elsevier B.V.保留所有权利。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号