000 02310cam a22003737 4500
001 w24710
003 NBER
005 20211020104518.0
006 m o d
007 cr cnu||||||||
008 210910s2018 mau fo 000 0 eng d
100 1 _aBhandari, Anmol.
245 1 0 _aInequality, Business Cycles, and Monetary-Fiscal Policy /
_cAnmol Bhandari, David Evans, Mikhail Golosov, Thomas J. Sargent.
260 _aCambridge, Mass.
_bNational Bureau of Economic Research
_c2018.
300 _a1 online resource:
_billustrations (black and white);
490 1 _aNBER working paper series
_vno. w24710
500 _aJune 2018.
520 3 _aWe study optimal monetary and fiscal policy in a model with heterogeneous agents, incomplete markets, and nominal rigidities. We develop numerical techniques to approximate Ramsey plans and apply them to a calibrated economy to compute optimal responses of nominal interest rates and labor tax rates to aggregate shocks. Responses differ qualitatively from those in a representative agent economy and are an order of magnitude larger. Taylor rules poorly approximate the Ramsey optimal nominal interest rate. Conventional price stabilization motives are swamped by an across person insurance motive that arises from heterogeneity and incomplete markets.
530 _aHardcopy version available to institutional subscribers
538 _aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538 _aMode of access: World Wide Web.
588 0 _aPrint version record
690 7 _aC63 - Computational Techniques • Simulation Modeling
_2Journal of Economic Literature class.
690 7 _aE52 - Monetary Policy
_2Journal of Economic Literature class.
690 7 _aE63 - Comparative or Joint Analysis of Fiscal and Monetary Policy • Stabilization • Treasury Policy
_2Journal of Economic Literature class.
700 1 _aEvans, David.
700 1 _aGolosov, Mikhail.
_911558
700 1 _aSargent, Thomas J.
_920203
710 2 _aNational Bureau of Economic Research.
830 0 _aWorking Paper Series (National Bureau of Economic Research)
_vno. w24710.
856 4 0 _uhttps://www.nber.org/papers/w24710
856 _yAcceso en línea al DOI
_uhttp://dx.doi.org/10.3386/w24710
942 _2ddc
_cW-PAPER
999 _c323413
_d281975