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Ivan SHCHAPOV (Ecole Polytechnique-CREST) “It is Taxing to be Coherent”
The Macro Seminar:
Time: 12:15 pm – 13:30 pm
Date: 12th of june 2023
Room 3001
Ivan SHCHAPOV (Ecole Polytechnique-CREST) “It is Taxing to be Coherent”
Abstract : The presence of an occasionally binding constraint due to the zero lower bound (ZLB) in New Keynesian models generally gives rise to multiple equilibria under active monetary policy. To restore model uniqueness with active Taylor Rules, we consider appropriate simple fiscal policy instruments. Without relaxing the assumptions of full information and rational expectations, we show that appropriate fiscal targeting rules ensure that New Keynesian models subject to the ZLB possess a unique solution.
co-écrit avec David Murakami (University of Milan).
Sponsors:
Jean-Baptiste MICHAU (CREST)