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Fiscal and Monetary Policy in a General Equilibrium Model

In: Equilibrium and Dynamics

Author

Listed:
  • Truman Bewley

Abstract

This is a theoretical study of monetary and fiscal policy in a general equilibrium model with rational expectations, with perfect markets for current goods, but with restrictions on borrowing and insurance and with a Clower constraint on payments. Fiscal actions are understood to be manipulations of taxes and subsidies. Monetary policy is understood to be the purchase and sale of government debt or control of the banking system’s ability to lend.

Suggested Citation

  • Truman Bewley, 1992. "Fiscal and Monetary Policy in a General Equilibrium Model," Palgrave Macmillan Books, in: Mukul Majumdar (ed.), Equilibrium and Dynamics, chapter 5, pages 55-122, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11696-6_5
    DOI: 10.1007/978-1-349-11696-6_5
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    Cited by:

    1. Geng, Runjie & Kubler, Felix, 2023. "Stochastic overlapping generations with non-convex budget sets," Journal of Mathematical Economics, Elsevier, vol. 107(C).

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