Ambiguity in American monetary and fiscal policy

Thomas Sargent

    Research output: Contribution to journalArticle

    Abstract

    Macroeconomic models of all stripes incorporate descriptions of fiscal policy as explicit history-contingent plans. Relative to those ideal descriptions, American fiscal policy today is ambiguous. This short paper, the text of a lunch time talk, describes how American fiscal policy has been ambiguous since the birth of the Republic and how some past ambiguities were resolved.

    Original languageEnglish (US)
    Pages (from-to)324-330
    Number of pages7
    JournalJapan and the World Economy
    Volume18
    Issue number3
    DOIs
    StatePublished - Aug 2006

    Fingerprint

    fiscal policy
    monetary policy
    macroeconomics
    republic
    history
    Fiscal policy
    Monetary and fiscal policy

    Keywords

    • Ambiguity
    • Subgame perfection
    • Sustainability
    • Time consistency

    ASJC Scopus subject areas

    • Economics and Econometrics
    • Finance

    Cite this

    Ambiguity in American monetary and fiscal policy. / Sargent, Thomas.

    In: Japan and the World Economy, Vol. 18, No. 3, 08.2006, p. 324-330.

    Research output: Contribution to journalArticle

    Sargent, Thomas. / Ambiguity in American monetary and fiscal policy. In: Japan and the World Economy. 2006 ; Vol. 18, No. 3. pp. 324-330.
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