通货膨胀与金融稳定的权衡:货币政策可信度与财政周期性的作用

IF 0.9 Q3 ECONOMICS

Economic Papers Pub Date : 2020-09-07 DOI:10.1111/1759-3441.12297

Akhmad Syakir Kurnia, Syahid Izzulhaq, Johan Beni Maharda, Agung Kunaedi

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引用次数: 2

摘要

本文考察了货币可信度和财政周期性在通货膨胀率和金融稳定之间产生权衡的作用。我们系统地开发了简单的理论模型来塑造合理化框架，该框架证明了财政周期性行为在引起货币政策同时以低通货膨胀率和稳定的金融体系为目标的权衡中的作用。通过利用广义矩量法(GMM)，我们发现，只要财政政策是顺周期的，可靠的货币政策就会在通货膨胀和金融稳定之间产生权衡。

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Inflation and Financial Stability Trade-off: Role of Monetary Policy Credibility and Fiscal Cyclicality

This paper examines the role of monetary credibility and fiscal cyclicality in generating the trade-off between inflation rates and financial stability. We systematically develop simple theoretical models to shape the rationalisation framework, which demonstrates the role of fiscal cyclicality behaviour in arousing a trade-off for the monetary policy to target low inflation rates and a stable financial system at the same time. By utilising the generalised method of moment (GMM), we find that a credible monetary policy generates a trade-off between inflation and financial stability as long as the fiscal policy is procyclical.

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来源期刊

Economic Papers ECONOMICS-

CiteScore

2.30

自引率

0.00%

发文量

期刊介绍： Economic Papers is one of two journals published by the Economics Society of Australia. The journal features a balance of high quality research in applied economics and economic policy analysis which distinguishes it from other Australian journals. The intended audience is the broad range of economists working in business, government and academic communities within Australia and internationally who are interested in economic issues related to Australia and the Asia-Pacific region. Contributions are sought from economists working in these areas and should be written to be accessible to a wide section of our readership. All contributions are refereed.