English, Article, Journal or magazine article edition: Fiscal Policy under Balanced Budget and Indeterminacy: A New Keynesian Perspective Giovanni Di Bartolomeo; Marco Manzo

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Bookmark: http://trove.nla.gov.au/version/76864
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Fiscal Policy under Balanced Budget and Indeterminacy: A New Keynesian Perspective
Author
  • Giovanni Di Bartolomeo
  • Marco Manzo
Physical Description
  • preprint
Notes
  • We investigate the effect of fiscal policy on equilibrium determinacy in a New Keynesian economy with rule-of-thumb (liquidity constrained) consumers and capital accumulation by focusing on the inter-action between monetary policy and taxation under the assumption of balanced budget. Our main finding is that taxation of firms¢ monopoly rents reduces the parameter range within which the Taylor principle is insufficient to guarantee equilibrium determinacy; hence it supports the determinacy of the rational expectation equilibrium.
  • Rule-of-thumb consumers, equilibrium determinacy, fiscal and monetary policy inter-actions, tax distortions, balanced government budget.
  • RePEc:crt:wpaper:0803
Language
  • English
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