Optimal Monetary and Fiscal Policy with Limited Asset Market Participation

Optimal Monetary and Fiscal Policy with Limited Asset Market Participation
This paper characterises the jointly optimal monetary and fiscal stabilisation policy in a new Keynesian model that allows for consumers who lacking access to asset markets consume their disposable income each period. With full asset market participation, the optimal policy relies entirely on the interest rate to stabilise cost-push shocks and... READ MORE...

Publication date: July 2009
ISBN 9781451872842
$18.00

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