期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2002
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：We extend the fiscal theory of the price level (FTPL) by developing a two-country openeconomy
model under flexible exchange rates, where overlapping generations of consumers supply
labour to imperfectly competitive firms which change their prices infrequently. We show that the fiscal
response required to support an active inflation-targeting monetary policy is greater when consumers
have finite lives. Additionally, one monetary authority can abandon its active targeting of inflation to
stabilise the debt of a fiscal authority, even if the policy makers operate in different countries. Finally,
through simulations, we consider the impact of fiscal shocks on key macroeconomic variables.
关键词：Monetary Policy, Fiscal Policy, New Open Economy Macroeconomics, Fiscal
Theory of the Price Level.
