Navigating by Falling Stars: Monetary Policy with Fiscally Driven Natural Rates
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We study a new type of monetary-fiscal interaction in a heterogeneous-agent New Keynesian model with a fiscal block. Due to household heterogeneity, the stock of public debt affects the natural interest rate, forcing the central bank to adapt its monetary policy rule to the fiscal stance to
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美国国家经济研究局创建时间：
2024-03-01
