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Sunday, August 2, 2020 | History

4 edition of Optimal fiscal and monetary policy in a medium-scale macroeconomic model found in the catalog.

Optimal fiscal and monetary policy in a medium-scale macroeconomic model

Stephanie Schmitt-Grohe

Optimal fiscal and monetary policy in a medium-scale macroeconomic model

expanded version

by Stephanie Schmitt-Grohe

  • 56 Want to read
  • 23 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Places:
  • United States.
    • Subjects:
    • Business cycles -- United States.,
    • Fiscal policy -- United States.,
    • Monetary policy -- United States.

    • Edition Notes

      StatementStephanie Schmitt-Grohe, Martin Uribe.
      SeriesNBER working paper series ;, working paper 11417, Working paper series (National Bureau of Economic Research : Online) ;, working paper no. 11417.
      ContributionsUribe, Martin., National Bureau of Economic Research.
      Classifications
      LC ClassificationsHB1
      The Physical Object
      FormatElectronic resource
      ID Numbers
      Open LibraryOL3478394M
      LC Control Number2005618408

        In the game the fiscal and the monetary authorities take decisions on the choice of the optimum strategy from the point of view of realization of their respective economic objectives. A macroeconomic model has been constructed and used to represent the interrelations between, on the one hand, the instruments of fiscal policy and of the monetary. This paper proposes a method and a toolkit for solving optimal policy with imperfect commitment in linear quadratic models. As opposed to the existing literature, our method can be employed in medium- and large-scale models typically used in monetary policy. We apply our method to the Smets and Wouters () model, where.

      researchers to understand the relationship between monetary policy, inflation, and the business cycle has led to the development of a framework—the so-called New Keynesian model—that is widely used for monetary policy analysis. The following chapters offer an introduction to that basic framework and a discussion of its policy implications. We analyze an optimal fiscal policy problem where the plans made by the benevolent government are periodically revised. optimal fiscal and monetary rules in a medium-scale estimated model of.

      Get this from a library! Optimal fiscal and monetary policy in a medium-scale macroeconomic model: expanded version. [Stephanie Schmitt-Grohé; Martín Uribe; National Bureau of Economic Research.] -- "In this paper, we study Ramsey-optimal fiscal and monetary policy in a medium-scale model of the U.S.\ business cycle. The model features a rich array of real and nominal rigidities that . price stability as the central goal of optimal monetary policy. Under an income tax regime, the optimal rate of inflation is percent a year and weaknesses of the medium-scale model specified by SM. Second, I [Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model.


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Optimal fiscal and monetary policy in a medium-scale macroeconomic model by Stephanie Schmitt-Grohe Download PDF EPUB FB2

King and Rebelo: w Resuscitating Real Business Cycles: Chari, Christiano, and Kehoe: w Optimal Fiscal Policy in a Business Cycle Model: Schmitt-Grohé and Uribe: w Optimal Fiscal and Monetary Policy Under Sticky Prices: Schmitt-Grohé and Uribe: w Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model: Expanded Version: Benigno and WoodfordCited by: OPTIMAL FISCAL AND MONETARY POLICY IN A MEDIUM-SCALE MACROECONOMIC MODEL 1 by Stephanie Schmitt-Grohé 2 and Martín Uribe 3 INTERNATIONAL RESEARCH FORUM ON MONETARY PO LICY 1 The views expressed in this paper are those of the authors and do not do not necessarily represent those of the European Central.

Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model: Expanded Version Stephanie Schmitt-Grohe, Martin Uribe.

NBER Working Paper No. Issued in June NBER Program(s):Economic Fluctuations and Growth, Monetary EconomicsCited by: "Optimal fiscal and monetary policy: some recent results," Proceedings yp, Federal Reserve Bank of Cleveland. Stephanie Schmitt-Grohe & Martin Uribe, "Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model: Expanded Version," NBER Working PapersNational Bureau of Economic Research, by: Downloadable.

In this paper, we study Ramsey-optimal fiscal and monetary policy in a medium-scale model of the U.S.\ business cycle. The model features a rich array of real and nominal rigidities that have been identified in the recent empirical literature as salient in explaining observed aggregate fluctuations.

The main result of the paper is that price stability appears to be a central goal. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): In this paper, we study Ramsey-optimal fiscal and monetary policy in a medium-scale model of the U.S.

business cycle. The model features a rich array of real and nominal rigidities that have been identified in the recent empirical literature as salient in explaining observed aggregate fluctuations. ``Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model" by Stephanie Schmitt-Grohe and Martin Uribe Expanded Version NBER Macroeconomics Annual Version Slides Computing Ramsey Equilibria in Medium-Scale Macroeconomic Models, by Stephanie Schmitt-Grohe and Martin Uribe.

Matlab code. Downloadable. This paper characterizes Ramsey-optimal monetary policy in a medium-scale macroeconomic model that has been estimated to fit well postwar U.S.

business cycles. We find that mild deflation is Ramsey optimal in the long run. However, the optimal inflation rate appears to be highly sensitive to the assumed degree of price stickiness.

Annicchiarico, B. and Rossi, L. () Optimal monetary policy in a New Keynesian model with endogenous growth. Journal of Macroeconom – Arato, H. () Long-run relationship between inflation and growth in a New Keynesian framework. This paper proposes a method and a toolkit for solving optimal policy with imperfect commitment.

As opposed to the existing literature, our method can be employed in the medium- and large-scale models typically used in monetary policy. In this paper, we study Ramsey-optimal fiscal and monetary policy in a medium-scale model of the U.S.

business cycle. The model features a rich array of real and nominal rigidities that have been identified in the recent empirical literature as salient in explaining observed aggregate fluctuations. The main result of the paper is that price stability appears to be a central goal of optimal Cited by: This paper characterizes Ramsey-optimal monetary policy in a medium-scale macroeconomic model that has been estimated to fit well postwar U.S.\ business cycles.

We find that mild deflation is Ramsey optimal in the long run. However, the optimal inflation rate appears to be highly sensitive to the assumed degree of price stickiness. Within the window of available estimates of price stickiness. Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model Stephanie Schmitt-Groh´e Mart´ın Uribe Duke University J 1.

Downloadable (with restrictions). This paper characterizes Ramsey-optimal monetary policy in a medium-scale macroeconomic model that has been estimated to fit well postwar US business cycles. We find that mild deflation is Ramsey optimal in the long run.

However, the optimal inflation rate appears to be highly sensitive to the assumed degree of price stickiness. BibTeX @MISC{Gertler_optimalfiscal, author = {Mark Gertler and Stephanie Schmitt-grohé and Martín Uribe and Medium-scale Macroeconomic Model}, title = {Optimal Fiscal and Monetary Policy.

Monetary Policy vs. Fiscal Policy: An Overview. Monetary policy and fiscal policy refer to the two most widely recognized tools used to influence a nation's economic activity.

Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model Stephanie Schmitt-Groh6, Duke University, CEPR, and NBER Martin Uribe, Duke University and NBER 1 Introduction This paper addresses a classic question in macroeconomics, namely: How should a benevolent government conduct stabilization policy.

"Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model: Expanded Version," NBER Working PapersNational Bureau of Economic Research, Inc. Barro, Robert J., " Long-term contracting, sticky prices, and monetary policy," Journal of Monetary Economics, Elsevier, vol.

3(3), pagesJuly. Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model Stephanie Schmitt-Grohé, Martín Uribe. Chapter in NBER book NBER Macroeconomics AnnualVolume 20 (), Mark Gertler and Kenneth Rogoff, editors (p.

- ) Conference held AprilOptimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model, with Stephanie Schmitt-Grohe, in Gertler, Mark and Kenneth Rogoff, eds., NBER Macroeconomics AnnualMIT Press: Cambridge MA,[Matlab Code.].

Get this from a library! Optimal fiscal and monetary policy in a medium-scale macroeconomic model: expanded version. [Stephanie Schmitt-Grohe; Martin Uribe; National Bureau of Economic .Dr. Langdana's areas of specialization include monetary and fiscal theory and international trade and global macroeconomic policy.

His research deals with macroeconomic experimentation and the role of stabilization policy in an expectations-driven economy. He has published several articles as well as five books in this area.BibTeX @MISC{Schmitt-Grohé06optimalfiscal, author = {Stephanie Schmitt-Grohé and Martín Uribe}, title = {Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model}, year = {}}.