文章基本信息

标题：A FISCAL STIMULUS WITH DEEP HABITS AND OPTIMAL MONETARY POLICY
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作者：Cristiano Cantore ; Paul Levine ; Giovanni Melina 等
期刊名称：Discussion Papers in Economics / Department of Economics, University of Surrey
出版年度：2012
卷号：2012
出版社：University of Surrey
摘要：A New-Keynesian mo del with deep habits and optimal monetary p olicy delivers a fiscal multiplier ab ove one and the crowding-in e !ect on private consumption obtainable in a Real Business Cycle mo del à la Ravn et al. (2006). Optimized Taylor-typ e or price-level interest rate rules yield results close to optimal p olicy and dominate a conventional Taylor interest rate rule. Private consumption is crowded out only if the Taylor rule is sub-optimal and then negates the fiscal stimulus by resp onding strongly to the output gap, or if the ability to commit is absent. At the zero lower b ound private consumption is always crowded in across simple rules.
关键词：Keywords: Deep habits, Optimal monetary p olicy, Price-level rule, Zero lower b ound.