The time consistency of the Friedman rule

Detalhes bibliográficos
Autor(a) principal: Neumeyer, Pablo Andrés
Data de Publicação: 2001
Outros Autores: Alvarez, Fernando, Kehoe, Patrick
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/12963
Resumo: We consider the problem of time consistency of the Ramsey monetary and fiscal policies in an economy without capital. Following Lucas and Stokey (1983) we allow the government at date t to leave its successor at t + 1 a profile of real and nominal debt of all maturities, as a way to influence its decisions. We show that the Ramsey policies are time consistent if and only if the Friedman rule is the optimal Ramsey policy.
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spelling Neumeyer, Pablo AndrésAlvarez, FernandoKehoe, PatrickEscolas::EPGEFGV2014-12-22T14:00:41Z2014-12-22T14:00:41Z2001-07http://hdl.handle.net/10438/12963We consider the problem of time consistency of the Ramsey monetary and fiscal policies in an economy without capital. Following Lucas and Stokey (1983) we allow the government at date t to leave its successor at t + 1 a profile of real and nominal debt of all maturities, as a way to influence its decisions. We show that the Ramsey policies are time consistent if and only if the Friedman rule is the optimal Ramsey policy.engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaSeminários de Almoço da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessThe time consistency of the Friedman ruleinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaPolítica monetáriareponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000305292_n493t.pdf000305292_n493t.pdfapplication/pdf963007https://repositorio.fgv.br/bitstreams/fd1f64c0-e822-4772-b903-5318fd5f0d10/download24d985481293b5d4766c4c78b95507bdMD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/035d404d-33f1-4acf-9d93-069f3d23f6a9/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT000305292_n493t.pdf.txt000305292_n493t.pdf.txtExtracted 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dc.title.eng.fl_str_mv The time consistency of the Friedman rule
title The time consistency of the Friedman rule
spellingShingle The time consistency of the Friedman rule
Neumeyer, Pablo Andrés
Economia
Política monetária
title_short The time consistency of the Friedman rule
title_full The time consistency of the Friedman rule
title_fullStr The time consistency of the Friedman rule
title_full_unstemmed The time consistency of the Friedman rule
title_sort The time consistency of the Friedman rule
author Neumeyer, Pablo Andrés
author_facet Neumeyer, Pablo Andrés
Alvarez, Fernando
Kehoe, Patrick
author_role author
author2 Alvarez, Fernando
Kehoe, Patrick
author2_role author
author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.author.fl_str_mv Neumeyer, Pablo Andrés
Alvarez, Fernando
Kehoe, Patrick
dc.subject.area.por.fl_str_mv Economia
topic Economia
Política monetária
dc.subject.bibliodata.por.fl_str_mv Política monetária
description We consider the problem of time consistency of the Ramsey monetary and fiscal policies in an economy without capital. Following Lucas and Stokey (1983) we allow the government at date t to leave its successor at t + 1 a profile of real and nominal debt of all maturities, as a way to influence its decisions. We show that the Ramsey policies are time consistent if and only if the Friedman rule is the optimal Ramsey policy.
publishDate 2001
dc.date.issued.fl_str_mv 2001-07
dc.date.accessioned.fl_str_mv 2014-12-22T14:00:41Z
dc.date.available.fl_str_mv 2014-12-22T14:00:41Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/12963
url http://hdl.handle.net/10438/12963
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Seminários de Almoço da EPGE
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Fundação Getulio Vargas. Escola de Pós-graduação em Economia
publisher.none.fl_str_mv Fundação Getulio Vargas. Escola de Pós-graduação em Economia
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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