Harmonizing fiscal and monetary: optimal monetary policy under expenditure fiscal rules
Autor(a) principal: | |
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Data de Publicação: | 2024 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/35370 |
Resumo: | This research employs a standard TANK model augmented with a procyclical fiscal rule to address two issues. First, the impact of expenditure-based fiscal rules with varying degrees of procyclicality on the dynamics of macroeconomic variables. Second, the impact of the degree of procyclicality in the optimal simple monetary policy. The fiscal framework is inspired by Brazil’s current and former fiscal rules. The model suggests that the response to inflation of the optimal simple monetary rule has a U-shaped relation with the procyclicality of the fiscal policy. At extreme values of procyclicality, inflation variance is high and there is no monetary policy trade-off. At the lower end, this is driven by the pronounced demand effect exerted by hand-to-mouth agents. Conversely, when the procyclicality exceeds a certain threshold, the fiscal response dictated by the expenditure rule heightens inflation variance. Only within a range of moderate procyclicality inflation variance diminish sufficiently to permit the emergence of a monetary policy trade-off. |
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Clemente, Luíza PalmaEscolas::EESPGonçalves, Carlos Eduardo SoaresTeles, Vladimir KuhlRibeiro, Marcel Bertini2024-06-03T12:11:14Z2024-06-03T12:11:14Z2024-05-10https://hdl.handle.net/10438/35370This research employs a standard TANK model augmented with a procyclical fiscal rule to address two issues. First, the impact of expenditure-based fiscal rules with varying degrees of procyclicality on the dynamics of macroeconomic variables. Second, the impact of the degree of procyclicality in the optimal simple monetary policy. The fiscal framework is inspired by Brazil’s current and former fiscal rules. The model suggests that the response to inflation of the optimal simple monetary rule has a U-shaped relation with the procyclicality of the fiscal policy. At extreme values of procyclicality, inflation variance is high and there is no monetary policy trade-off. At the lower end, this is driven by the pronounced demand effect exerted by hand-to-mouth agents. Conversely, when the procyclicality exceeds a certain threshold, the fiscal response dictated by the expenditure rule heightens inflation variance. Only within a range of moderate procyclicality inflation variance diminish sufficiently to permit the emergence of a monetary policy trade-off.Esta pesquisa utiliza um modelo TANK padrão aprimorado com uma regra fiscal procíclica para abordar duas questões. Primeiramente, o impacto de regras fiscais de gastos com diferentes graus de prociclicidade sobre a dinâmica das variáveis macroeconômicas. Segundo, o impacto do grau de prociclicidade na política monetária ótima. O arcabouço fiscal do modelo é inspirado pelas duas últimas regras fiscais do Brasil (novo arcabouço fiscal e teto de gastos). O modelo sugere que a resposta à inflação da política monetária ótima tem uma relação em forma de U com a prociclicidade da política fiscal. Em valores extremos de prociclicidade, a variância da inflação é suficientemente alta para não permitir o surgimento de trade-off de política monetária. Na extremidade inferior, isso é impulsionado pelo pronunciado efeito de demanda exercido pelos agentes hand-to-mouth. Por outro lado, quando a prociclicidade excede um certo nível, a resposta fiscal ditada pela regra de gastos por si só aumenta a variância da inflação consideravelmente. Somente dentro de uma faixa de prociclicidade moderada a variância da inflação diminui suficientemente para permitir o surgimento de um trade-off de política monetária.engOptimal monetary policyTANKFiscal and monetary interactionFiscal rulesPolítica monetária ótimaInteração entre política fiscal e monetáriaRegras fiscaisEconomiaPolítica monetáriaPolítica tributáriaEconomia keynesianaMacroeconomiaHarmonizing fiscal and monetary: optimal monetary policy under expenditure fiscal rulesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVLICENSElicense.txtlicense.txttext/plain; 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|
dc.title.eng.fl_str_mv |
Harmonizing fiscal and monetary: optimal monetary policy under expenditure fiscal rules |
title |
Harmonizing fiscal and monetary: optimal monetary policy under expenditure fiscal rules |
spellingShingle |
Harmonizing fiscal and monetary: optimal monetary policy under expenditure fiscal rules Clemente, Luíza Palma Optimal monetary policy TANK Fiscal and monetary interaction Fiscal rules Política monetária ótima Interação entre política fiscal e monetária Regras fiscais Economia Política monetária Política tributária Economia keynesiana Macroeconomia |
title_short |
Harmonizing fiscal and monetary: optimal monetary policy under expenditure fiscal rules |
title_full |
Harmonizing fiscal and monetary: optimal monetary policy under expenditure fiscal rules |
title_fullStr |
Harmonizing fiscal and monetary: optimal monetary policy under expenditure fiscal rules |
title_full_unstemmed |
Harmonizing fiscal and monetary: optimal monetary policy under expenditure fiscal rules |
title_sort |
Harmonizing fiscal and monetary: optimal monetary policy under expenditure fiscal rules |
author |
Clemente, Luíza Palma |
author_facet |
Clemente, Luíza Palma |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.member.none.fl_str_mv |
Gonçalves, Carlos Eduardo Soares |
dc.contributor.author.fl_str_mv |
Clemente, Luíza Palma |
dc.contributor.advisor1.fl_str_mv |
Teles, Vladimir Kuhl Ribeiro, Marcel Bertini |
contributor_str_mv |
Teles, Vladimir Kuhl Ribeiro, Marcel Bertini |
dc.subject.eng.fl_str_mv |
Optimal monetary policy TANK Fiscal and monetary interaction Fiscal rules |
topic |
Optimal monetary policy TANK Fiscal and monetary interaction Fiscal rules Política monetária ótima Interação entre política fiscal e monetária Regras fiscais Economia Política monetária Política tributária Economia keynesiana Macroeconomia |
dc.subject.por.fl_str_mv |
Política monetária ótima Interação entre política fiscal e monetária Regras fiscais |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Política monetária Política tributária Economia keynesiana Macroeconomia |
description |
This research employs a standard TANK model augmented with a procyclical fiscal rule to address two issues. First, the impact of expenditure-based fiscal rules with varying degrees of procyclicality on the dynamics of macroeconomic variables. Second, the impact of the degree of procyclicality in the optimal simple monetary policy. The fiscal framework is inspired by Brazil’s current and former fiscal rules. The model suggests that the response to inflation of the optimal simple monetary rule has a U-shaped relation with the procyclicality of the fiscal policy. At extreme values of procyclicality, inflation variance is high and there is no monetary policy trade-off. At the lower end, this is driven by the pronounced demand effect exerted by hand-to-mouth agents. Conversely, when the procyclicality exceeds a certain threshold, the fiscal response dictated by the expenditure rule heightens inflation variance. Only within a range of moderate procyclicality inflation variance diminish sufficiently to permit the emergence of a monetary policy trade-off. |
publishDate |
2024 |
dc.date.accessioned.fl_str_mv |
2024-06-03T12:11:14Z |
dc.date.available.fl_str_mv |
2024-06-03T12:11:14Z |
dc.date.issued.fl_str_mv |
2024-05-10 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/35370 |
url |
https://hdl.handle.net/10438/35370 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
bitstream.url.fl_str_mv |
https://repositorio.fgv.br/bitstreams/12c4add6-c2c0-43fd-9d08-32ae749938b5/download https://repositorio.fgv.br/bitstreams/b1c2accb-0890-4c79-875c-38d7b1c8447b/download https://repositorio.fgv.br/bitstreams/8d12e71d-1183-4f39-9870-af70519271a1/download https://repositorio.fgv.br/bitstreams/d6f9506c-3900-4126-bca9-0bad46cb4795/download |
bitstream.checksum.fl_str_mv |
2a4b67231f701c416a809246e7a10077 8086813cb91876ee860659953fe08704 c2b6c2637dbcb513b76f3157cfd94fbb efc6a08a1628c036a6c18f304ad196cd |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
_version_ |
1810023894495526912 |