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Conference Paper: Monetary-fiscal policy interactions and indeterminacy in postwar US data

TitleMonetary-fiscal policy interactions and indeterminacy in postwar US data
Authors
KeywordsBusiness and economics
Economic situation and conditions business and economics
Economic systems and theories, economic history
Issue Date2012
PublisherAmerican Economic Association. The Journal's web site is located at http://www.aeaweb.org/aer/index.php
Citation
The American Economic Review, v. 102 n. 3, p. 173-178 How to Cite?
AbstractUsing a micro-founded model and a likelihood-based inference method, we show that while a passive monetary and passive fiscal policy regime prevailed in the U.S. before Paul Volcker's chairmanship at the Federal Reserve, an active monetary and passive fiscal policy regime prevailed after his appointment. Since both monetary and fiscal policies were passive pre-Volcker, equilibrium indeterminacy was a feature of the economy. Finally, pre-Volcker, the effects of unanticipated policy shifts were substantially different from those predicted by conventional monetary models: unanticipated increases in interest rates increased inflation and output, while unanticipated increases in lump-sum taxes decreased inflation and output.
DescriptionThis is a journal of AEA Papers & Proceedings
Session - Empirical Approaches to Sovereign Debt Default and Monetary-Fiscal Interactions
Open Access Journal
Persistent Identifierhttp://hdl.handle.net/10722/149311
ISSN
2015 Impact Factor: 3.833
2015 SCImago Journal Rankings: 8.048
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorBhattarai, Sen_HK
dc.contributor.authorLee, JWen_HK
dc.contributor.authorPark, WYen_HK
dc.date.accessioned2012-06-22T06:37:39Z-
dc.date.available2012-06-22T06:37:39Z-
dc.date.issued2012en_HK
dc.identifier.citationThe American Economic Review, v. 102 n. 3, p. 173-178en_US
dc.identifier.issn0002-8282en_HK
dc.identifier.urihttp://hdl.handle.net/10722/149311-
dc.descriptionThis is a journal of AEA Papers & Proceedings-
dc.descriptionSession - Empirical Approaches to Sovereign Debt Default and Monetary-Fiscal Interactions-
dc.descriptionOpen Access Journal-
dc.description.abstractUsing a micro-founded model and a likelihood-based inference method, we show that while a passive monetary and passive fiscal policy regime prevailed in the U.S. before Paul Volcker's chairmanship at the Federal Reserve, an active monetary and passive fiscal policy regime prevailed after his appointment. Since both monetary and fiscal policies were passive pre-Volcker, equilibrium indeterminacy was a feature of the economy. Finally, pre-Volcker, the effects of unanticipated policy shifts were substantially different from those predicted by conventional monetary models: unanticipated increases in interest rates increased inflation and output, while unanticipated increases in lump-sum taxes decreased inflation and output.-
dc.languageengen_US
dc.publisherAmerican Economic Association. The Journal's web site is located at http://www.aeaweb.org/aer/index.phpen_HK
dc.relation.ispartofThe American Economic Reviewen_HK
dc.rightsThe American Economic Review. Copyright © American Economic Association.-
dc.subjectBusiness and economics-
dc.subjectEconomic situation and conditions business and economics-
dc.subjectEconomic systems and theories, economic history-
dc.titleMonetary-fiscal policy interactions and indeterminacy in postwar US dataen_HK
dc.typeConference_Paperen_HK
dc.identifier.emailPark, WY: wypark@hku.hken_HK
dc.identifier.authorityPark, WY=rp01552en_HK
dc.description.naturelink_to_OA_fulltext-
dc.identifier.doi10.1257/aer.102.3.173en_HK
dc.identifier.scopuseid_2-s2.0-84863185417en_HK
dc.identifier.hkuros199904en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84863185417&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume102en_HK
dc.identifier.issue3en_HK
dc.identifier.spage173en_HK
dc.identifier.epage178en_HK
dc.identifier.isiWOS:000304262000029-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridPark, WY=55274550300en_HK
dc.identifier.scopusauthoridLee, JW=55268774000en_HK
dc.identifier.scopusauthoridBhattarai, S=55273573300en_HK
dc.customcontrol.immutablesml 140123-

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