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Dealing with a liquidity trap when government debt matters: optimal time-consistent monetary and fiscal policy ; conference paper
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Titel: | Dealing with a liquidity trap when government debt matters: optimal time-consistent monetary and fiscal policy ; conference paper/ Burgert, Matthias; Schmidt, Sebastian |
Format: | E-Book Konferenzbericht |
Sprache: | Englisch |
veröffentlicht: |
[Kiel, Hamburg]
ZBW
2014
|
Gesamtaufnahme: |
Verein für Socialpolitik: Jahrestagung des Vereins für Socialpolitik 2014 ; C05-V1
Europäische Zentralbank: Working paper series ; 1622 |
Schlagwörter: | |
Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
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245 | 1 | 0 | |a Dealing with a liquidity trap when government debt matters |b optimal time-consistent monetary and fiscal policy ; conference paper |c Burgert, Matthias; Schmidt, Sebastian |
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520 | |a How does the need to preserve government debt sustainability affect the optimal monetary and fiscal policy response to a liquidity trap? To provide an answer, we employ a small stochastic New Keynesian model with a zero bound on nominal interest rates and characterize optimal time-consistent stabilization policies. We focus on two policy tools, the short-term nominal interest rate and debt-financed government spending. The optimal policy response to a liquidity trap critically depends on the prevailing debt burden. In our model, while the optimal amount of government spending is decreasing in the level of outstanding government debt, future monetary policy is becoming more accommodative, triggering a change in private sector expectations that helps to dampen the fall in output and inflation at the outset of the liquidity trap. | ||
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author | Burgert, Matthias, Schmidt, Sebastian |
author_facet | Burgert, Matthias, Schmidt, Sebastian |
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contents | How does the need to preserve government debt sustainability affect the optimal monetary and fiscal policy response to a liquidity trap? To provide an answer, we employ a small stochastic New Keynesian model with a zero bound on nominal interest rates and characterize optimal time-consistent stabilization policies. We focus on two policy tools, the short-term nominal interest rate and debt-financed government spending. The optimal policy response to a liquidity trap critically depends on the prevailing debt burden. In our model, while the optimal amount of government spending is decreasing in the level of outstanding government debt, future monetary policy is becoming more accommodative, triggering a change in private sector expectations that helps to dampen the fall in output and inflation at the outset of the liquidity trap. |
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spelling | Burgert, Matthias aut, Dealing with a liquidity trap when government debt matters optimal time-consistent monetary and fiscal policy ; conference paper Burgert, Matthias; Schmidt, Sebastian, [Kiel Hamburg] ZBW 2014, Online-Ressource (35 S.) graph. Darst., Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Beiträge zur Jahrestagung des Vereins für Socialpolitik 2014: Evidenzbasierte Wirtschaftspolitik C05, Session: Optimal monetary and fiscal policy V1, Working paper series / European Central Bank 1622, How does the need to preserve government debt sustainability affect the optimal monetary and fiscal policy response to a liquidity trap? To provide an answer, we employ a small stochastic New Keynesian model with a zero bound on nominal interest rates and characterize optimal time-consistent stabilization policies. We focus on two policy tools, the short-term nominal interest rate and debt-financed government spending. The optimal policy response to a liquidity trap critically depends on the prevailing debt burden. In our model, while the optimal amount of government spending is decreasing in the level of outstanding government debt, future monetary policy is becoming more accommodative, triggering a change in private sector expectations that helps to dampen the fall in output and inflation at the outset of the liquidity trap., Systemvoraussetzungen: Acrobat Reader., (DE-206)34 Graue Literatur DE-206, Konferenzschrift (DE-588)1071861417 (DE-627)826484824 (DE-576)433375485 gnd-content, Schmidt, Sebastian (DE-588)1025284569 (DE-627)721976476 (DE-576)370159365 aut, Verein für Socialpolitik Jahrestagung des Vereins für Socialpolitik 2014 C05 Session: Optimal monetary and fiscal policy ; V1 C05-V1 C,05,1.2014 (DE-627)817941444 (DE-576)9817941442 nm, Europäische Zentralbank Working paper series 1622 162201 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806 ns, http://hdl.handle.net/10419/100451 Resolving-System kostenfrei Volltext, http://hdl.handle.net/10419/100451 LFER, LFER epn:3495347437 2019-07-15T00:00:00Z |
spellingShingle | Burgert, Matthias, Schmidt, Sebastian, Dealing with a liquidity trap when government debt matters: optimal time-consistent monetary and fiscal policy ; conference paper, Verein für Socialpolitik, Jahrestagung des Vereins für Socialpolitik 2014, C05, C05-V1, Europäische Zentralbank, Working paper series, 1622, How does the need to preserve government debt sustainability affect the optimal monetary and fiscal policy response to a liquidity trap? To provide an answer, we employ a small stochastic New Keynesian model with a zero bound on nominal interest rates and characterize optimal time-consistent stabilization policies. We focus on two policy tools, the short-term nominal interest rate and debt-financed government spending. The optimal policy response to a liquidity trap critically depends on the prevailing debt burden. In our model, while the optimal amount of government spending is decreasing in the level of outstanding government debt, future monetary policy is becoming more accommodative, triggering a change in private sector expectations that helps to dampen the fall in output and inflation at the outset of the liquidity trap., Graue Literatur, Konferenzschrift |
swb_id_str | 9819290007 |
title | Dealing with a liquidity trap when government debt matters: optimal time-consistent monetary and fiscal policy ; conference paper |
title_auth | Dealing with a liquidity trap when government debt matters optimal time-consistent monetary and fiscal policy ; conference paper |
title_full | Dealing with a liquidity trap when government debt matters optimal time-consistent monetary and fiscal policy ; conference paper Burgert, Matthias; Schmidt, Sebastian |
title_fullStr | Dealing with a liquidity trap when government debt matters optimal time-consistent monetary and fiscal policy ; conference paper Burgert, Matthias; Schmidt, Sebastian |
title_full_unstemmed | Dealing with a liquidity trap when government debt matters optimal time-consistent monetary and fiscal policy ; conference paper Burgert, Matthias; Schmidt, Sebastian |
title_in_hierarchy | C05-V1. Dealing with a liquidity trap when government debt matters: optimal time-consistent monetary and fiscal policy ; conference paper (2014), 1622. Dealing with a liquidity trap when government debt matters: optimal time-consistent monetary and fiscal policy ; conference paper (2014) |
title_short | Dealing with a liquidity trap when government debt matters |
title_sort | dealing with a liquidity trap when government debt matters optimal time consistent monetary and fiscal policy conference paper |
title_sub | optimal time-consistent monetary and fiscal policy ; conference paper |
title_unstemmed | Dealing with a liquidity trap when government debt matters: optimal time-consistent monetary and fiscal policy ; conference paper |
topic | Graue Literatur, Konferenzschrift |
topic_facet | Graue Literatur, Konferenzschrift |
url | http://hdl.handle.net/10419/100451 |