财政政策和货币传导机制

IF 2.3 3区经济学 Q2 ECONOMICS

Review of Economic Dynamics Pub Date : 2023-12-01 DOI:10.1016/j.red.2023.08.001

Nicolas Caramp , Dejanir H. Silva

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引用次数: 1

摘要

经济对货币政策的反应取决于其财政支持。我们提出了一种新的均衡分解方法，将财富效应（即家庭金融和人力财富的重估）与财政对货币政策的反应联系起来。当货币政策产生财政后果时，货币变量会影响总产出的时间，而财政变量则会影响总产出的现值和财富效应。因此，紧缩性货币政策只有在紧缩性财政政策之后才能降低通货膨胀。菲利普斯曲线的斜率决定了货币与财政协调对货币政策有效性的重要性。

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Fiscal policy and the monetary transmission mechanism

The economy's response to monetary policy depends on its fiscal backing. We present a novel decomposition of the equilibrium that links the wealth effect, i.e. the revaluation of households' financial and human wealth, to the fiscal response to monetary policy. When monetary policy has fiscal consequences, monetary variables affect the timing of aggregate output while fiscal variables shape its present value and the wealth effect. Consequently, a contractionary monetary policy reduces inflation only if followed by contractionary fiscal policy. The slope of the Phillips curve determines the importance of monetary-fiscal coordination for the effectiveness of monetary policy.

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来源期刊

Review of Economic Dynamics ECONOMICS-

CiteScore

3.30

自引率

0.00%

发文量

期刊介绍： Review of Economic Dynamics publishes meritorious original contributions to dynamic economics. The scope of the journal is intended to be broad and to reflect the view of the Society for Economic Dynamics that the field of economics is unified by the scientific approach to economics. We will publish contributions in any area of economics provided they meet the highest standards of scientific research.