Cheap Talk in a New Keynesian Model
This paper shows that the stance of fiscal policy does have significant impact on the conduct of monetary policy in the United States. Further, we document that the implied fiscal-monetary policy interactions are subject to regime instability, using a Markov-switching model. Then, we develop a micro...
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| Format: | Article |
| Language: | English |
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Springer
2022
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| Online Access: | View Fulltext in Publisher |