Interactions of Monetary and Fiscal Policy via Open Market Operations
在价格粘性模型中研究货币与财政政策的互动，其中公共债务因提供交易服务而具有非中性，通过法律限制公开市场操作仅允许政府债券，债务创造便利货币获取，从而刺激私人消费，但财政刺激需货币政策不过度稳定经济才能提升实际活动。
We examine interactions of monetary and fiscal policy in a sticky price model where public debt is non-neutral, as it provides transaction services. This property is brought about by a legal restriction on open market operations by which only government bonds are eligible. Debt creation eases access to money and can therefore induce households to increase purchases of goods. Government expenditures, which are not completely tax financed, and deficit financed tax cuts then tend to stimulate private consumption. However, for these fiscal impulses to raise real activity monetary policy should not too aggressively aim at stabilising the economy.