CONTROLLING INFLATION WITH TIMID MONETARY–FISCAL REGIME CHANGES
研究了当货币政策和财政政策随时间变化时，货币政策能否控制通胀，发现长期财政原则要求财政政策保持灵活性，且货币与财政政策需在体制内和跨体制协调，温和偏离不会产生财富效应。
Abstract Can monetary policy control inflation when both monetary and fiscal policies change over time? When monetary policy is active, a long‐run fiscal principle entails flexibility in fiscal policy that preserves determinacy even when deviating from passive fiscal, substantially for brief periods or timidly for prolonged periods. In order to guarantee a unique equilibrium, monetary and fiscal policies must coordinate not only within but also across regimes, and not simply on being active or passive, but also on their extent. The amplitude of deviations from the active monetary/passive fiscal benchmark determines whether a regime is Ricardian: Timid deviations do not imply wealth effects.