Browsing ECO Working Papers by Subject "Markov-perfect equilibrium"

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Browsing ECO Working Papers by Subject "Markov-perfect equilibrium"

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    Title: Nominal Debt as a Burden on Monetary Policy  Author(s): DIAZ-GIMENEZ, Javier; GIOVANNETTI, Giorgia; MARIMON, Ramon; TELES, Pedro Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium ...
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    Title: Nominal Debt as a Burden on Monetary Policy  Author(s): DIAZ-GIMENEZ, Javier; GIOVANNETTI, Giorgia; MARIMON, Ramon; TELES, Pedro Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium ...
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    Title: Markov-Perfect Optimal Fiscal Policy: The Case of Unbalanced Budgets  Author(s): ORTIGUEIRA, Salvador; PEREIRA, Joana Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We study optimal income taxation and public debt policy in a neoclassical economy pop- ulated by infinitely-lived households and a benevolent government. The government makes sequential decisions on the provision of a ...