On the optimal mix of fiscal and monetary policy actions

Apostolis Philippopoulos (), Petros Varthalitis () and Vanghelis Vassilatos ()
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Apostolis Philippopoulos: Athens University of Economics and Business, and CESifo

No 150, Working Papers from Bank of Greece

Abstract: We study optimized monetary and fiscal feedback policy rules. The setup is a conventional New Keynesian DSGE model calibrated to match data from the euro area. Our aim is to welfare rank alternative tax-spending policy instruments used for shock stabilization and/or debt consolidation when, at the same time, the monetary authorities follow a Taylor rule for the interest rate.

Keywords: Feedback policy rules; New Keynesian (search for similar items in EconPapers)
JEL-codes: E6 F3 H6 (search for similar items in EconPapers)
Pages: 50
Date: 2012-12
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Citations: View citations in EconPapers (6)

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