论文标题
在价格水平目标下的货币财政互动
Monetary-fiscal interactions under price level targeting
论文作者
论文摘要
采用“化妆”策略是对美联储的货币政策框架进行的持续审查中的建议之一。为了避免零下限，另一个建议是财政政策的更积极作用。我们将这些想法汇总在一起，以在价格水平的目标下研究货币 - 财政互动。在价格水平的目标和财政领导的政权下，我们发现在通缩需求冲击之后：（i）中央银行增加（而不是降低）政策利率； （ii）中央银行因此避免了零下限； （iii）与通货膨胀目标相比，价格水平的目标通常会提高福利。
The adoption of a "makeup" strategy is one of the proposals in the ongoing review of the Fed's monetary policy framework. Another suggestion, to avoid the zero lower bound, is a more active role for fiscal policy. We put together these ideas to study monetary-fiscal interactions under price level targeting. Under price level targeting and a fiscally-led regime, we find that following a deflationary demand shock: (i) the central bank increases (rather than decreases) the policy rate; (ii) the central bank, thus, avoids the zero lower bound; (iii) price level targeting is generally welfare improving if compared to inflation targeting.
