Monetary–Fiscal Policy Interactions under Implementable Monetary Policy Rules
研究前瞻性和后顾性货币政策规则在货币财政互动环境中的影响，发现简单可执行的货币政策规则下唯一平稳理性预期均衡总是非李嘉图式的。
This paper examines the implications of forward‐ and backward‐looking monetary policy rules in an environment with monetary–fiscal interactions. We find that the unique stationary rational expectations equilibrium (REE) is always non‐Ricardian under simple implementable monetary policy rules.