Optimal Monetary and Fiscal Stabilisation Policies
收藏Organisation for Economic Co-operation and Development2026-04-11 收录
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This paper studies optimal stabilisation policies under commitment when monetary policy sets nominal interest rates and fiscal policy decides on public expenditure, income tax rates, and issuance of nominal non-contingent debt. High levels of government debt adversely affect the steady state of the economy and increase aggregate volatility. The...
