Simple Monetary Rules Under Fiscal Dominance

Simple Monetary Rules Under Fiscal Dominance
Is aggressive monetary policy response to inflation feasible in countries that suffer from fiscal dominance? We find that if nominal interest rates are allowed to respond to government debt, even aggressive rules that satisfy the Taylor principle can produce unique equilibria. However, resulting inflation is extremely volatile and zero lower... READ MORE...

Publication date: December 2007
ISBN 9781451868340
$18.00

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