Distorted prices and targeted taxes in the New Keynesian Network model

IF 4.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2026-03-01 Epub Date: 2026-01-29 DOI:10.1016/j.jmoneco.2026.103904

Anastasiia Antonova , Gernot J. Müller

引用次数: 0

Abstract

When confronted with sectoral shocks, policymakers often resort to targeted, sector-specific taxes in an ad hoc fashion. Based on the New Keynesian Network model, we characterize the optimal tax response to sectoral shocks: it features twice as many tax instruments as there are sectors, is budget-neutral, and not confined to the sector where the shock originates. We show that the optimal policy can be approximated by a simple rule that responds to inflation in the shocked sector and adjusts tax instruments in other sectors according to input–output linkages. We study its quantitative performance in a calibrated version of the model.

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新凯恩斯网络模型中的扭曲价格和定向税收

当面临行业冲击时，政策制定者往往以一种临时的方式诉诸于有针对性的、针对特定行业的税收。基于新凯恩斯网络模型，我们描述了对部门冲击的最佳税收反应：它的特点是税收工具的数量是部门数量的两倍，是预算中性的，而且不局限于冲击产生的部门。我们表明，最优政策可以用一个简单的规则来近似，该规则对受冲击部门的通货膨胀作出反应，并根据投入产出联系调整其他部门的税收工具。我们在模型的校准版本中研究其定量性能。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.