File Download
Links for fulltext
(May Require Subscription)
- Publisher Website: 10.1257/aer.102.3.173
- Scopus: eid_2-s2.0-84863185417
- WOS: WOS:000304262000029
- Find via
Supplementary
- Citations:
- Appears in Collections:
Conference Paper: Monetary-fiscal policy interactions and indeterminacy in postwar US data
Title | Monetary-fiscal policy interactions and indeterminacy in postwar US data |
---|---|
Authors | |
Keywords | Business and economics Economic situation and conditions business and economics Economic systems and theories, economic history |
Issue Date | 2012 |
Publisher | American 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? |
Abstract | Using 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. |
Description | This is a journal of AEA Papers & Proceedings Session - Empirical Approaches to Sovereign Debt Default and Monetary-Fiscal Interactions Open Access Journal |
Persistent Identifier | http://hdl.handle.net/10722/149311 |
ISSN | 2023 Impact Factor: 10.5 2023 SCImago Journal Rankings: 22.344 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Bhattarai, S | en_HK |
dc.contributor.author | Lee, JW | en_HK |
dc.contributor.author | Park, WY | en_HK |
dc.date.accessioned | 2012-06-22T06:37:39Z | - |
dc.date.available | 2012-06-22T06:37:39Z | - |
dc.date.issued | 2012 | en_HK |
dc.identifier.citation | The American Economic Review, v. 102 n. 3, p. 173-178 | en_US |
dc.identifier.issn | 0002-8282 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/149311 | - |
dc.description | This is a journal of AEA Papers & Proceedings | - |
dc.description | Session - Empirical Approaches to Sovereign Debt Default and Monetary-Fiscal Interactions | - |
dc.description | Open Access Journal | - |
dc.description.abstract | Using 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.language | eng | en_US |
dc.publisher | American Economic Association. The Journal's web site is located at http://www.aeaweb.org/aer/index.php | en_HK |
dc.relation.ispartof | The American Economic Review | en_HK |
dc.rights | The American Economic Review. Copyright © American Economic Association. | - |
dc.subject | Business and economics | - |
dc.subject | Economic situation and conditions business and economics | - |
dc.subject | Economic systems and theories, economic history | - |
dc.title | Monetary-fiscal policy interactions and indeterminacy in postwar US data | en_HK |
dc.type | Conference_Paper | en_HK |
dc.identifier.email | Park, WY: wypark@hku.hk | en_HK |
dc.identifier.authority | Park, WY=rp01552 | en_HK |
dc.description.nature | link_to_OA_fulltext | - |
dc.identifier.doi | 10.1257/aer.102.3.173 | en_HK |
dc.identifier.scopus | eid_2-s2.0-84863185417 | en_HK |
dc.identifier.hkuros | 199904 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-84863185417&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 102 | en_HK |
dc.identifier.issue | 3 | en_HK |
dc.identifier.spage | 173 | en_HK |
dc.identifier.epage | 178 | en_HK |
dc.identifier.isi | WOS:000304262000029 | - |
dc.publisher.place | United States | en_HK |
dc.identifier.scopusauthorid | Park, WY=55274550300 | en_HK |
dc.identifier.scopusauthorid | Lee, JW=55268774000 | en_HK |
dc.identifier.scopusauthorid | Bhattarai, S=55273573300 | en_HK |
dc.customcontrol.immutable | sml 140123 | - |
dc.identifier.issnl | 0002-8282 | - |