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Time Consistency of Fiscal and Monetary Policy: A Solution
4 references·16 citing·49 second hop
Time Consistency of Fiscal and Monetary Policy: A Solution (2005)Time Consistency of Fiscal and Monetary P…Inflation and Asset Prices in an Exchange Economy (1986)Inflation and Asset Prices in…Money and Asset Prices in a Cash-in-Advance Economy (1985)Money and Asset Prices in a C…Optimal fiscal and monetary policy in an economy without capital (1983)Optimal fiscal and monetary p…On the Time Consistency of Optimal Policy in a Monetary Economy (1978)On the Time Consistency of Op…Time Consistency and Duration of Government Debt: A Model of Quantitative Easing (2022)Time Consistency and Duration…Understanding Inflation as a Joint Monetary-Fiscal Phenomenon (2016)Understanding Inflation as a …Promoting sustainable public finances in the European Union: The role of fiscal rules and government efficiency (2016)Promoting sustainable public …Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing (2015)Time Consistency and the Dura…Optimal Time-Consistent Government Debt Maturity (2014)Optimal Time-Consistent Gover…Monetary and Fiscal Policy Interaction with Various Degrees of Commitment (2014)Monetary and Fiscal Policy In…Inflating Away the Public Debt? An Empirical Assessment (2014)Inflating Away the Public Deb…Welfare Improving Coordination of Fiscal and Monetary Policy (2011)Welfare Improving Coordinatio…The Interaction Between Monetary and Fiscal Policy (2010)The Interaction Between Monet…Openness and Inflation (2010)Openness and InflationFiscal policy under loose commitment (2009)Fiscal policy under loose com…Time Consistency, Subgame Perfectness, Solution Concepts and Information Patterns in Dynamic Models of Stabilization Policies (2008)Time Consistency, Subgame Per…Nominal Debt as a Burden to Monetary Policy (2008)Nominal Debt as a Burden to M…Optimal Fiscal and Monetary Policy When Money is Essential (2007)Optimal Fiscal and Monetary P…Fiscal-monetary Interactions: The Effect of Fiscal Restraint and Public Monitoring on Central Bank Credibility (2007)Fiscal-monetary Interactions:…Nominal Debt as a Burden on Monetary Policy (2004)Nominal Debt as a Burden on M…Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory* (2000)INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY (2005)Redistributive Monetary Policy 1 (2012)A Monetary History of the United States, 1867-1960 (2017)The dire effects of the lack of monetary and fiscal coordination (2018)Inflation targeting as a shock absorber (2020)On the Determination of the Public Debt (1979)Sticky Prices in the United States (1982)Interest and Prices (2004)Maintaining Central-Bank Financial Stability under New-Style Central Banking (2015)Effects of US quantitative easing on emerging market economies (2020)An Analysis of the Literature on International Unconventional Monetary Policy (2022)Rules Rather than Discretion: The Inconsistency of Optimal Plans (1977)Rules, discretion and reputation in a model of monetary policy (1983)Recursive Methods in Economic Dynamics (1989)Asymmetric monetary policy towards the stock market: A DSGE approach (2013)Public consumption over the business cycle (2013)When Should Public Debt Be Reduced? (2015)Asset Prices in an Exchange Economy (1978)Stock Returns, Real Activity, Inflation, and Money (1981)Inflation, Asset Prices, and the Term Structure of Interest Rates in Monetary Economics (1996)Sources and propagation of international output cycles: Common shocks or transmission? (1998)Monetary policy and asset prices (2007)EQUILIBRIUM IN A PURE CURRENCY ECONOMY (1980)Industry Returns and the Fisher Effect (1994)Chapter 37 Puzzles in international financial markets (1995)On the equivalence of private and public money (2019)An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money (1958)Myopia and Inconsistency in Dynamic Utility Maximization (1973)A Guide to Public Sector Debt and Deficits (1985)Servicing the Public Debt: The Role of Expectations* *I have greatly benefited from comments received at Johns Hopkins University, Georgetown University, the Macro Lunch Group of the University of Pennsylvania, MIT, and the Research Department of the International Monetary Fund. I am particularly indebted to Matt Canzoneri, Sara Guerschanik-Calvo, Joseph Harrington, Jr, Elhanan Helpman, Nissan Leviatan, Maury Obstfeld, Assaf Razin, Sweder van Wijnbergen and two anonymous referees. The research on this paper was partly done while I was a visiting scholar at the Research Department of the Internationed Monetary Fund, and it was partially funded by the National Science Foundation. However, any opinions expressed are entirely my own and not those of any of the above institutions. This paper has already been published in the The American Economic Review, 78, 4, September 1988, pp. 647–661. (1989)A Toolkit for Analysing Nonlinear Dynamic Stochastic Models Easily (2001)Myopia and Inconsistency in Dynamic Utility Maximization (1955)A Positive Theory of Fiscal Deficits and Government Debt (1990)Monetary Theory and Policy (1999)A Unified Framework for Monetary Theory and Policy Analysis (2005)Initial conditions and moment restrictions in dynamic panel data models (1995)Initial conditions and moment restrictions in dynamic panel data models (1998)How to do Xtabond2: An Introduction to Difference and System GMM in Stata (2009)Independent fiscal councils: Recent trends and performance (2018)Do fiscal rules cause better fiscal balances? A new instrumental variable strategy (2020)Procyclicality of fiscal policy in European Union countries (2020)Investment, Capacity Utilization and the Real Business Cycle (1986)The Pricing of Options and Corporate Liabilities (1973)A new approach to decomposition of economic time series into permanent and transitory components with particular attention to measurement of the ‘business cycle’ (1981)The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors (1988)Dealing with debt (2015)Inflation, default and sovereign debt: The role of denomination and ownership (2020)Sovereign Debt in the Twenty-first Century (2023)
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References

  • 1983Optimal fiscal and monetary policy in an economy without capital1,877 cited
  • 1978On the Time Consistency of Optimal Policy in a Monetary Economy807 cited
  • 1985Money and Asset Prices in a Cash-in-Advance Economy402 cited
  • 1986Inflation and Asset Prices in an Exchange Economy116 cited

Cited by

  • 2016Promoting sustainable public finances in the European Union: The role of fiscal rules and government efficiency176 cited
  • 2014Inflating Away the Public Debt? An Empirical Assessment114 cited
  • 2010The Interaction Between Monetary and Fiscal Policy106 cited
  • 2015Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing102 cited
  • 2009Fiscal policy under loose commitment101 cited
  • 2014Optimal Time-Consistent Government Debt Maturity89 cited
  • 2010Openness and Inflation72 cited
  • 2008Nominal Debt as a Burden to Monetary Policy69 cited
  • 2016Understanding Inflation as a Joint Monetary-Fiscal Phenomenon49 cited
  • 2011Welfare Improving Coordination of Fiscal and Monetary Policy40 cited
  • 2022Time Consistency and Duration of Government Debt: A Model of Quantitative Easing

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33 cited
  • 2014Monetary and Fiscal Policy Interaction with Various Degrees of Commitment30 cited
  • 2004Nominal Debt as a Burden on Monetary Policy24 cited
  • 2007Optimal Fiscal and Monetary Policy When Money is Essential20 cited
  • 2008Time Consistency, Subgame Perfectness, Solution Concepts and Information Patterns in Dynamic Models of Stabilization Policies19 cited
  • 2007Fiscal-monetary Interactions: The Effect of Fiscal Restraint and Public Monitoring on Central Bank Credibility18 cited