000			02224cam a22003377 4500
001			w9905
003			NBER
005			20211020112937.0
006			m o d
007			cr cnu||||||||
008			210910s2003 mau fo 000 0 eng d
100	1		_aBenigno, Pierpaolo.
245	1	0	_aOptimal Monetary and Fiscal Policy: _bA Linear Quadratic Approach / _cPierpaolo Benigno, Michael Woodford.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2003.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w9905
500			_aAugust 2003.
520	3		_aWe propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky and the only available sources of government revenue are distorting taxes. Our linear-quadratic approach allows us to nest both conventional analyses of optimal monetary stabilization policy and analyses of optimal tax-smoothing as special cases of our more general framework. We show how a linear-quadratic policy problem can be derived which yields a correct linear approximation to the optimal policy rules from the point of view of the maximization of expected discounted utility in a dynamic stochastic general-equilibrium model. Finally, we derive targeting rules through which the monetary and fiscal authorities may implement the optimal equilibrium.
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	_aE52 - Monetary Policy _2Journal of Economic Literature class.
690		7	_aE61 - Policy Objectives • Policy Designs and Consistency • Policy Coordination _2Journal of Economic Literature class.
700	1		_aWoodford, Michael. _922998
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w9905.
856	4	0	_uhttps://www.nber.org/papers/w9905
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w9905
942			_2ddc _cW-PAPER
999			_c338269 _d296831