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财政与货币政策的时间一致性：一种解决方案AI 解读

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…

财政与货币政策的时间一致性AI 解读

The problem of time inconsistency arises from two different sources. First, as shown by Guillermo A. Calvo (1978), the re is an incentive for each government to engage in an initial unanti cipated inflation. Second, as discussed by Robert E. Lucas and Nancy L. Stokey (1983), there is an incentive for each government to deviat e from the path of taxes announced by the preceding government. In th is paper, it is shown that these two sources of time inconsistency ca n be…