牺牲比率和积极的财政政策

IF 2.1 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2024-10-28 DOI:10.1016/j.econlet.2024.112038

Christopher G. Gibbs , Herbert W. Xin

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引用次数: 0

摘要

在其他条件相同的情况下，我们将积极货币政策和消极财政政策组合下的通货紧缩牺牲率与消极货币政策和积极财政政策下的通货紧缩牺牲率进行比较。在积极财政政策体制下，牺牲比率可能会更高或更低，这取决于财政规则和通货紧缩政策的设计。在预期的情况下，财政主导的通货紧缩可能比货币主导的通货紧缩成本更低。然而，在 "冷处理 "的情况下，财政主导的通货紧缩可能比货币主导的通货紧缩产生更大的牺牲比率。总体而言，财政主导型政策下可能出现的牺牲比率差异远远高于货币主导型政策。

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The sacrifice ratio and active fiscal policy

We compare sacrifice ratios for disinflations under an active monetary and passive fiscal policy mix to those obtained under passive monetary and active fiscal policy, holding all else equal. The sacrifice ratio may be higher or lower in the active fiscal policy regime depending on the fiscal rule and the design of the disinflation policy. Fiscal-led disinflations may be less costly than monetary-led ones when they are anticipated. However, they may generate larger sacrifice ratios than monetary-led ones when implemented “cold turkey”. Overall, the variance in possible sacrifice ratios under fiscal-led policies is much higher than under monetary-led policies.

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.