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dc.contributor.authorMotta, Giorgio
dc.contributor.authorTirelli, Patrizio
dc.date.accessioned2017-05-10T04:00:58Z
dc.date.available2017-05-10T04:00:58Z
dc.date.issued2012
dc.identifier.issn0022-2879
dc.identifier.doi10.1111/j.1538-4616.2012.00535.x
dc.identifier.urihttp://hdl.handle.net/10072/336483
dc.description.abstractThe combination of limited asset market participation and consumption habits generates indeterminacy for empirically plausible calibrations of a business cycle model characterized by price and nominal wage rigidities. Equilibrium determinacy is restored by demand management policies based on simple fiscal rules. In this regard, fiscal control of nominal income growth is particularly effective. In addition the complementarity between the Taylor rule and the fiscal feedback on nominal income growth produces relatively large welfare gains, limiting both aggregate and intragroup volatilities.
dc.description.peerreviewedYes
dc.languageEnglish
dc.language.isoeng
dc.publisherWiley-Blackwell Publishing Inc
dc.relation.ispartofpagefrom1351
dc.relation.ispartofpageto1374
dc.relation.ispartofissue7
dc.relation.ispartofjournalJournal of Money, Credit and Banking
dc.relation.ispartofvolume44
dc.subject.fieldofresearchApplied Economics not elsewhere classified
dc.subject.fieldofresearchEconomic Theory
dc.subject.fieldofresearchApplied Economics
dc.subject.fieldofresearchBanking, Finance and Investment
dc.subject.fieldofresearchcode140299
dc.subject.fieldofresearchcode1401
dc.subject.fieldofresearchcode1402
dc.subject.fieldofresearchcode1502
dc.subject.keywordsc
dc.titleOptimal Simple Monetary and Fiscal Rules under Limited Asset Market Participation
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.hasfulltextNo Full Text
gro.griffith.authorTirelli, Patrizio


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