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Time consistency of fiscal and monetary policy : a solution

Author: Mats Persson; Torsten Persson; Lars E O Svensson; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2005.
Series: Working paper series (National Bureau of Economic Research), no. 11088.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
"This paper demonstrates how time consistency of the Ramsey policy - the optimal fiscal and monetary policy under commitment - can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surprise inflation exactly balances the marginal cost. Unlike in earlier papers on the topic, the result holds for quite a  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Mats Persson; Torsten Persson; Lars E O Svensson; National Bureau of Economic Research.
OCLC Number: 58566735
Notes: "January 2005."
Description: 1 online resource (21 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 11088.
Responsibility: by Mats Persson, Torsten Persson, Lars E.O. Svensson.

Abstract:

"This paper demonstrates how time consistency of the Ramsey policy - the optimal fiscal and monetary policy under commitment - can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surprise inflation exactly balances the marginal cost. Unlike in earlier papers on the topic, the result holds for quite a general Ramsey policy, including timevarying polices with positive inflation and positive nominal interest rates. We compare our results with those in Persson, Persson, and Svensson (1987), Calvo and Obstfeld (1990), and Alvarez, Kehoe, and Neumeyer (2004)"--National Bureau of Economic Research web site.

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