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Monetary and fiscal policy interactions: Leeper (1991) Redux

Abstract:

A natural generalisation of the original Leeper (1991) taxonomy leads to the concepts of globally active (or passive) and globally switching policies to explain the determinacy properties of a model where both monetary and fiscal policies may switch according to a Markov process. Monetary and fiscal policies need to be globally balanced to guarantee a unique equilibrium: globally active monetary policies need to be coupled with globally passive fiscal policies, and switching monetary policies...

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Publication status:
Published

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Publisher:
University of Oxford
Series:
Department of Economics Discussion Paper Series
Publication date:
2016-03-15
Paper number:
788
Keywords:
Pubs id:
628024
Local pid:
pubs:628024
Deposit date:
2020-12-14

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