Fiscal hedging with nominal assets

Lustig, Hanno

doi:10.1016/j.jmoneco.2008.05.012

2008-05-01

PRE

Lustig, Hanno

Sleet, Christopher *

Yeltekin, Sevin

DOI：10.1016/j.jmoneco.2008.05.012

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摘要

En 中文

We analyze optimal fiscal and monetary policy in an economy with distortionary labor incorne taxes, nominal rigidities, nominal debt of various maturities and short-selling constraints. Optimal policy prescribes the almost exclusive use of long term debt. Such debt mitigates the distortions associated with hedging fiscal shocks by allowing the government to allocate them efficiently across states and periods. (c) 2008 Elsevier B.V. All rights reserved.

Keyword:

optimal fiscal and monetary policy

fiscal hedging

期刊

Journal of Monetary Economics

IF:

4.1

论文数:

3.2K

被引数:

1.1W

机构

Carnegie Mellon University

学者数:

1.4W

论文数: 1.4W

被引数: 2.7W

University of California System

学者数:

37.7W

论文数: 33.8W

被引数: 6.6K

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