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999			_c150376 _d150376
003			ES-MaIEF
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007			ta
008			250303t2024 xxu||||| |||| 00| 0eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100			_956346 _aMiao, Jianjun
245	1	0	_aFiscal and monetary policy interactions in a model with low interest rates _c by Jianjun Miao and Dongling Su
504			_aBibliografía
520			_aWe provide a new Keynesian model where entrepreneurs face uninsurable idiosyncratic investment risk and credit constraints. Government bonds provide liquidity services. Multiple steady states with positive values of public debt can be supported for a given permanent deficit-to-output ratio. The steady-state interest rates are lower than the economic growth rate, and public debt contains a bubble component. We analyze the determinacy regions of policy parameter space and find that a large set of monetary and fiscal policy parameters can achieve debt and inflation stability given persistent fiscal deficits both away from and at the zero interest rate lower bound.
650		4	_947661 _aMACROECONOMIA
650		4	_943015 _aECONOMIA KEYNESIANA
650		4	_950224 _aDESARROLLO ECONOMICO
650		4	_948062 _aPOLITICA MONETARIA
650		4	_948067 _aPOLITICA FISCAL
650		4	_942647 _aDEUDA PUBLICA
700	1		_972373 _aSu, Dongling
773	0		_9173160 _oOP 2137/2024/4 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x 1945-7707 _g v. 16, n. 4, October 2024, p. 35-76.
942			_cART