Evolving Monetary/Fiscal Policy Mix in the United States
拟合了一个允许货币/财政政策组合和结构性冲击波动率变化的微观基础模型，发现美国60-70年代财政政策主动、货币政策被动，沃尔克上任后货币政策转变，但财政当局近十年后才开始适应这一变化。
A micro-founded model that allows for changes in the monetary/fiscal policy mix and in the volatility of structural shocks is fit to US post-WWII data. Agents are aware of the possibility of regime changes and their beliefs have an impact on the law of motion of the macroeconomy. The results show that the '60s and the '70s were characterized by a prolonged period of active fiscal policy and passive monetary policy. The appointment of Volcker marked a change in the conduct of monetary policy, but it took almost ten years for the fiscal authority to start accommodating this regime change.