摘要：We consider a frictionless constant endowment economy based on Leeper (1991). In this economy, it is shown that,under an ad-hoc monetary rule and an ad-hoc fiscal rule, there are two equilibria. One has active monetary policy andpassive fiscal policy, while the other has passive monetary policy and active fiscal policy. We consider an extendedset-up in which the policy maker minimizes a loss function under quasi-commitment, as in Schaumburg andTambalotti (2007). Under this formulation there exists a unique Ramsey equilibrium, with an interest rate peg and apassive fiscal policy.
关键词：Frictionless endowment economy; Fiscal theory of the Price Level; Ramsey optimal policy; Interest Rate Rule; Fiscal Rule.
