Optimal inflation persistence: Ramsey taxation with capital and habits
نویسندگان
چکیده
منابع مشابه
Optimal Inflation Persistence: Ramsey Taxation with Capital and Habits
Ramsey models of fiscal and monetary policy featuring time-separable preferences and a fixed supply of capital predict highly volatile inflation with no serial correlation. In this paper, we show that an otherwise-standard Ramsey model that incorporates capital accumulation and habit persistence predicts highly persistent inflation. The result depends on increases in either the ability to smoot...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2007
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2006.07.005