期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2009
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：Recent work on optimal policy in sticky price models suggests that demand
management through fiscal policy adds little to optimal monetary policy. We explore
this consensus assignment in an economy subject to ‘deep’ habits at the level of
individual goods where the counter-cyclicality of mark-ups this implies can result
in government spending crowding-in private consumption in the short run. We
explore the robustness of this mechanism to the existence of price discrimination
in the supply of goods to the public and private sectors. We then describe optimal
monetary and fiscal policy in our New Keynesian economy subject to the additional
externality of deep habits and explore the ability of simple (but potentially nonlinear)
policy rules to mimic fully optimal policy.
关键词：Monetary Policy, Fiscal Policy, Deep Habits, New Keynesian.
