Jointly optimal monetary and fiscal policy rules under borrowing constraints /

Jointly optimal monetary and fiscal policy rules under borrowing constraints /

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We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowing constrained agents, rath...

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Bibliographic Details
Main Authors: Bi, Huixin (Author), Kumhof, Michael (Author)
Corporate Author: International Monetary Fund Research Department
Format: Book
Language:English
Published: [Washington, D.C.] : International Monetary Fund, ©2009
Series:IMF working paper ; WP/09/286
Subjects:
Credit > Econometric models
Fiscal policy > Econometric models
Loans > Econometric models
Monetary policy > Econometric models
Crédit > Modèles économétriques
Politique fiscale > Modèles économétriques
Politique monétaire > Modèles économétriques
Prêts > Modèles économétriques
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