An exploration of optimal stabilization policy
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Author
Contributions
- Weinzierl, Matthew - Contributor
- Harvard Business School - Contributor
Publication
2011 - Harvard Business School, Boston, Massachusetts
Language
English
Word Count
8,750 words, Guess
Page Count
35 pages
Identifiers
- OCLC Control Number727480938
- Open LibraryOL45357189M
Description
This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are sticky in the short run and flexible in the long run. Policy is evaluated by how well it raises the welfare of the representative household. While the model has Keynesian features, its policy prescriptions differ significantly from textbook Keynesian analysis. Moreover, the model suggests that the commonly used "bang for the buck" calculations are potentially misleading guides for the welfare effects of alternative fiscal policies.
Subjects
Series Statement
- Working paper / Harvard Business School -- 11-113
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