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Fiscal hedging with nominal assets
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DOI：10.1016/j.jmoneco.2008.05.012.png)
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Abstract
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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.
Keywords:
optimal fiscal and monetary policy
fiscal hedging
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