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Monetary Policy and Fiscal Policy: Impact Effects with a New Keynesian 'Assignment' of Weapons to Targets.

Abstract:

This paper considers fiscal and monetary policy in a short-run static macroeconomic model. There are two objectives, control of inflation and control over the growth of national wealth, and a third outcome of importance, a high level of employment. There are two instruments, monetary policy (the short-term interest rate) and fiscal policy (the rate of income tax). The assignment problem considers whether fiscal policy should be used to control inflation, leaving monetary policy to affect the ...

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Authors


James Meade More by this author
David Vines More by this author
Volume:
246
Publication date:
1988
URN:
uuid:87ede4b5-e330-4abc-9e89-41a8064d8ed6
Local pid:
oai:economics.ouls.ox.ac.uk:11622
Language:
English

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