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首页> 外文期刊>Journal of money, credit and banking >Fiscal Requirements for Dynamic and Real Determinacies in Economies with Private Provision of Liquidity: A Monetarist Assessment
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Fiscal Requirements for Dynamic and Real Determinacies in Economies with Private Provision of Liquidity: A Monetarist Assessment

机译：私人提供流动性的经济中动态和实际确定性的财政要求：货币主义评估

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摘要

We study the impact of fiscal policies on the inherent links between inflation, unemployment, and asset prices in an environment where firms provide liquidity and the central bank follows a constant money growth rate rule. Firms, other than hiring workers, also supply private assets that are not only useful as a store of value but also as collateral. When firms are not taxed and public debt is scarce, the economy is non-Ricardian so that real indeterminacies can be observed. Moreover, labor market characteristics do not affect the demand for government liabilities. However, when agents face public and private asset scarcity, labor market conditions then impact asset prices and inflation. We further show that irrespective of the type of asset scarcity agents face, when firms are taxed non-ad valorem, not only the level of tax revenues but also its composition matter for real allocations. Moreover, we show that labor market conditions directly affect the dynamics of all government liabilities and inflation.
机译：我们研究了在公司提供流动性且中央银行遵循恒定货币增长率规则的环境中，财政政策对通货膨胀，失业和资产价格之间固有联系的影响。除雇用工人外，公司还提供私人资产，这些私人资产不仅可以用作价值存储，还可以用作抵押。当公司不缴税且公共债务稀少时，经济就不是里卡德主义的，因此可以观察到真正的不确定性。而且，劳动力市场特征不影响对政府债务的需求。但是，当代理商面临公共和私人资产稀缺时，劳动力市场状况会影响资产价格和通货膨胀。我们进一步证明，不管代理商面对的资产稀缺类型是什么，当对企业进行非从价征税时，不仅税收水平而且其构成对实际分配也很重要。此外，我们表明，劳动力市场状况直接影响所有政府债务和通货膨胀的动态。

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