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This lecture starts with a review of historical trends in the balance between rules
and discretion: first toward more discretionary policies in the 1960s and 1970s;
second toward more rules-based po...
We use responses to survey questions in the 2010 Italian Survey of Household Income and Wealth
that ask consumers how much of an unexpected transitory income change they would consume. We
find tha...
Fiscal policy in the monetary theory of production: an alternative to the "new consensus" approach
fiscal policy monetary theory of production new consensus
2011/8/21
This paper provides an alternative view to the new consensus approach, from the standpoint of the monetary theory of production. It is shown that output growth is demand driven, so that fiscal policie...
Monetary–Fiscal Policy Interactions under Implementable Monetary Policy Rules
fiscal theory rational expectations Taylor rules
2011/8/21
his paper examines the implications of forward- and backward-looking monetary policy rules in an environment with monetary–fiscal interactions. We find that the unique stationary rational expectations...
COORDINATION OF MONETARY AND FISCAL POLICY IN A MONETARY UNION: POLICY ISSUES AND ANALYTICAL MODELS
European Monetary Union monetary and fiscal policy new neoclassical synthesis (NNS) models policy coordination
2011/8/21
The European Monetary Union raises new and interesting questions about the coordination of monetary and fiscal policy. In this lecture, I discuss some of these questions and the answers that a new cla...
Monetary and Fiscal Policy Interaction: The Current Consensus Assignment in the Light of Recent Developments
optimal monetary and fiscal policy nominal rigidities the utility of agents the consensus assignment New Keynesian models
2011/8/21
In the last few years papers have begun to analyse optimal monetary and fiscal policy in models incorporating nominal rigidities where social welfare is derived from the utility of agents. This articl...