Optimal Fiscal Policy
Optimal Fiscal Policy in a Monetary Union
... Optimal fiscal policy is does not depend on the initial level of public ...Ramsey fiscal policy commands the same response of public debt and taxes independently of the initial debt ...
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Optimal Fiscal Policy with Endogenous Product Variety
... of optimal fiscal policy in an economy in which monopolistically-competitive firms make forward-looking decisions regarding developing differentiated products based on the prospect of earning ...
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Optimal Fiscal Policy Rule for Achieving Fiscal Sustainability: A Japanese Case Study
... achieve fiscal sustainability based on the optimal fiscal policy rule provided in this paper, both sides of the Japanese government budget (expenditure and revenue) need to be adjusted ...
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Optimal Fiscal Policy Instrument under Different Shocks
... of fiscal policy on output, not on social ...cal policy are different under different ...the optimal tax and government spending rules and compares their welfare ...the optimal ...
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Debt Management and Optimal Fiscal Policy with Long Bonds
... taxation policy in a Ramsey equilibrium ...that optimal fiscal policy and debt management should be studied in an explicitly incomplete market ...studied optimal fiscal ...
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Optimal Fiscal Policy with Heterogeneous Agents and Aggregate Shocks
... on optimal fiscal policy with aggregate ...on optimal fiscal policy in environments with heterogeneous and private information (Mirrlees 1971, Golosov and Tsyvinski 2007, Werning ...
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Essays on optimal fiscal policy
... The optimal capital income taxes are again zero in this ...…scal policy menu increase, the compensating consumption supplement should get larger in absolute terms but with a negative ...
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Optimal fiscal policy and commitment
... model, policy decisions under a no-commitment assumption are taken sequentially and lead to completely different policy outcomes than in the case, where the planner has access to a commitment ...tax ...
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Optimal fiscal policy under commitment
... taxation, Mirrlees (1971) assumed that an informational friction endogenously restricted the set of taxes that implement the optimal allocation. This setup allows arbitrary nonlinear taxes, including lump-sum ...
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Optimal Fiscal Policy with Robust Control
... implied optimal …scal policy for each government is vastly ...is optimal when the consumers face no uncertainty, then the task of the government is straight-forward: minimize the ‡uctuations in the ...
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Optimal Fiscal Policy With Oil Revenues
... government fiscal policy when we have externality of human capital in ...a fiscal policy capable to make the decentralized economy to achieve the first-best equilibrium in the Uzawa-Lucas ...
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Optimal fiscal policy in overlapping generations models
... the optimal Þscal policy in an econ- omy with intergenerational ...an optimal tax policy in order to maximize society’s ...run optimal capital tax is ...
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Optimal Fiscal Policy in Overlapping Generations Models
... the optimal policy constitutes a competitive equilibrium with distortionary ...the optimal policy once it has been ...the optimal capital taxes are very similar to the observed in the ...
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Optimal Fiscal Policy Rules in a Monetary Union
... monetary policy to ...tighter fiscal policy helps to restrain this destabilising pressure, but, even if this pressure towards instability is avoided, the adjustment mechanism is slow and ...
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Optimal Fiscal Policy Rules in a Monetary Union
... by fiscal policy (government spending falls if lagged inflation or output is ...high). Fiscal policy is more effective in this case because monetary policy is targetting the ’wrong’ ...
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Optimal Fiscal Policy with Rationing in the Labor Market
... restrictions: the temporal sequence of budget constraints (15), the feasibility constraint (1) and the first order conditions resulting from the programs solved by the other agents in the economy. In our model, the ...
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Optimal Fiscal Policy with Rationing in the Labor Market
... ¹ t , will be zero. Moreover, the implementability constraint will no longer be a binding restriction in the Ramsey problem (¸ = 0). During recessions, the labor supply is constrained and the equilibrium allocations of ...
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Tax structure, optimal fiscal policy, and the business cycle
... Our results can be summarized as follows: For a given stochastic process of the technology shock, we find that optimal distortionary taxes reduce the variability of output and labor hour[r] ...
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Optimal Fiscal and Monetary Policy Under Sticky Prices
... studies optimal .scal and monetary policy under sticky product ...estimates)the optimal volatility of ...on optimal monetary policy under nominal rigidities that ignores the role of ...
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Is U.S. Fiscal Policy Optimal?
... the fiscal rule because the steady-state level of the tax rate depends from the ...the optimal fiscal response, we introduced the shocks directly into the fiscal ...Other fiscal rules ...
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