CENTRAL BANK INDEPENDENCE AND THE MONETARY INSTRUMENT PROBLEM
研究了在独立的财政与货币政策制定者之间的动态非合作博弈中，货币政策工具的选择问题，发现只有当政策制定者目标完全一致时工具才等价，否则存在工具问题。
We study the monetary instrument problem in a dynamic noncooperative game between separate, discretionary, fiscal and monetary policy makers. We show that monetary instruments are equivalent only if the policy makers' objectives are perfectly aligned; otherwise an instrument problem exists. When the central bank is benevolent while the fiscal authority is short‐sighted relative to the private sector, excessive public spending and debt emerge under a money growth policy but not under an interest rate policy. Despite this property, the interest rate is not necessarily the optimal instrument.