A New-Keynesian model with deep habits and optimal monetary policy delivers a larger-than-1 fiscal multiplier and consumption crowding in. Optimized Taylor-type rules dominate a conventional Taylor rule. Consumption is crowded out if the Taylor rule is suboptimal or if commitment is absent. © 2012 Elsevier B.V.
A fiscal stimulus with deep habits and optimal monetary policy / Cantore, C.; Levine, P.; Melina, G.; Yang, B.. - In: ECONOMICS LETTERS. - ISSN 0165-1765. - 117:1(2012), pp. 348-353. [10.1016/j.econlet.2012.05.051]
A fiscal stimulus with deep habits and optimal monetary policy
Cantore C.
;
2012
Abstract
A New-Keynesian model with deep habits and optimal monetary policy delivers a larger-than-1 fiscal multiplier and consumption crowding in. Optimized Taylor-type rules dominate a conventional Taylor rule. Consumption is crowded out if the Taylor rule is suboptimal or if commitment is absent. © 2012 Elsevier B.V.File allegati a questo prodotto
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