期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2005
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：This paper derives a New Keynesian dynamic general equilibrium model with
liquidity constrained consumers and sticky prices. The model allows a role
for both government spending and taxation in the DGE model. The model
is then estimated using US data. We demonstrate that there seems to be
a signi.cant role for rule-of-thumb consumer behaviour. Our model is then
used to analyse the interaction between .scal and monetary policies. We
examine the extent to which .scal policy (automatic stabilisers) assist or
hinder monetary policy when the latter takes a standard forward-looking
in.ation targeting form. We also examine the extent to which inertia in
.scal policy and the presence of rule-of-thumb consumers a¤ects output and
in.ation variability in the presence of such a monetary policy rule.
