The goal of this paper is to compute optimal monetary and fiscal policy rules in a real business cycle model augmented with sticky prices, a demand for money, taxation, and stochastic government consumption. We consider simple policy rules whereby the nominal interest rate is set as a function of output and inflation, and taxes are set as a function of total government liabilities. We require p...

The paper employs an extended Yaari-Blanchard model of overlapping generations to study how the macroeconomy is affected over time by various demographic changes. It is shown that a proportional decline in fertility and death rates has qualitatively similar effects to capital income subsidies; both per capita savings and per capita consumption increase in the new steady state. A drop in the bir...

I estimate the effect of government spending at the county level using a previously little studied 1934 naval spending program. This act aimed to build up the Navy to treaty allowances, stimulated by fears about Japanese military expansion. Using data from historical sources, I find that manufacturing output, employment, earnings, retail sales and household consumption all grow faster in the 19...

This paper analyzes the implications of a balanced-budget "scal policy rule for pricelevel determination in a cash-in-advance economy under three alternative monetary policy regimes. It shows that the price level is indeterminate under a nominal interest rate peg and determinate under a money growth rate peg. Under a feedback rule that sets the nominal interest rate as a non-negative and non-de...

We construct a dynamic general equilibrium model to analyze the effects of large energy subsidies in a small open economy. The model pays special attention to domestic energy production and consumption, trade in energy at world market prices, as well as private and public sector production including the provision of public infrastructure. The model is calibrated to data from Egypt and then used...

Despite the increasing number of studies on monetary policy uncertainty, its role on the strategic interaction between fiscal and monetary policies has not been fully explored. Our paper aims to fill this gap by evaluating the consequences produced by multiplicative uncertainty in such a context. J.E.L. Classification: E61, E63.

Corrections are made to the name of an author in seven papers by Chinnakali et al. [Acta Cryst. (2007), E63, o4363, o4364, o4434-o4435, o4436-o4437, o4438, o4489-o4490 and o4491-o4492].[This corrects the article DOI: 10.1107/S1600536807050799.][This corrects the article DOI: 10.1107/S1600536807050805.][This corrects the article DOI: 10.1107/S160053680705221X.][This corrects the article DOI: 10....