Optimal Fiscal and Monetary Policy

Chari, Christiano, Kehoe, 1991, "Optimal Fiscal and Monetary Policy: Some Recent Results"

• Tax rates on labor are roughly constant over the business cycle,
• Capital income taxes are close to zero on average.
• The Friedman rule is optimal: Nominal interest rates are zero,
• Monetary policy responds to shocks: Money is countercyclical with respect to technology shocks and procyclical with respect to govemment consumption.

http://hassler-j.iies.su.se/courses/DynPubFin/Papers/ChariChristianoKehoe91.pdf

AK Model

AK model 基本方程式

g = sA −δ− n

g: k(=K/L)成長率
s: 貯蓄率
A: 資本生産性(一定)
δ: 資本減耗率
n: 人口成長率

・貯蓄率sの増加はgを恒久的に増加させる
・成長率はkの水準に無関係

石橋一雄「単純な内生的成長モデル」
http://www.nsu.ac.jp/nc/htdocs/nsu/pdf/library/e-asia/32-1.pdf

Present / Current Value Hamiltonian

Present Value Hamiltonian


Current Value Hamiltonian


Relationship


http://www.eui.eu/Personal/Researchers/sfahr/ta/Hamilton.pdf