Autori
Correani, LucaDi Dio, FabioPatrì, StefanoTitolo
Optimal fiscal policy in a simple macroeconomic contextPeriodico
Università degli Studi di Roma "La Sapienza" - Dipartimento di metodi e modelli per l'economia il territorio e la finanza. Working papersAnno:
2013 - Fascicolo:
111 - Pagina iniziale:
1 - Pagina finale:
18This article derives optimal fiscal rules within a stochastic model of Keynesian
type in the context of Poole (1970) analysis. By using optimal control theory and applying the Hamilton-Jacoby-Bellman equation, we extend the original Poole results concerning the output stabilization properties of monetary policy to the case of fiscal policy. In particular, we look for the optimal setting of government expenditure and lump-sum taxation in the case that the fiscal authority wishes to keep the product close to a reference value and that the economy is assumed to be affected by stochastic disturbances of real and/or monetary type. According to the findings an optimal government expenditure rule is on average preferable to a taxation rule whatever the source of disturbances.
Esportazione dati in Refworks (solo per utenti abilitati)
Record salvabile in Zotero