期刊名称：Discussion Papers in Economics / Department of Economics, University of Surrey
出版年度：2012
卷号：2012
出版社：University of Surrey
摘要：A New-Keynesian mo del with deep habits and optimal monetary p olicy delivers a fiscal multiplier ab ove
one and the crowding-in e !ect on private consumption obtainable in a Real Business Cycle mo del à
la Ravn et al. (2006). Optimized Taylor-typ e or price-level interest rate rules yield results close to
optimal p olicy and dominate a conventional Taylor interest rate rule. Private consumption is crowded
out only if the Taylor rule is sub-optimal and then negates the fiscal stimulus by resp onding strongly
to the output gap, or if the ability to commit is absent. At the zero lower b ound private consumption
is always crowded in across simple rules.
关键词：Keywords: Deep habits, Optimal monetary p olicy, Price-level rule, Zero lower b ound.
