Ambiguity in American monetary and fiscal policy

Thomas J. Sargent

doi:10.1016/j.japwor.2004.05.006

Ambiguity in American monetary and fiscal policy

Thomas J. Sargent

Research output: Contribution to journal › Article › peer-review

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 language	English (US)
Pages (from-to)	324-330
Number of pages	7
Journal	Japan and The World Economy
Volume	18
Issue number	3
DOIs	https://doi.org/10.1016/j.japwor.2004.05.006
State	Published - Aug 2006

Keywords

Ambiguity
Subgame perfection
Sustainability
Time consistency

ASJC Scopus subject areas

Finance
Economics and Econometrics
Political Science and International Relations

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10.1016/j.japwor.2004.05.006

Cite this

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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.",

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KW - Sustainability

KW - Time consistency

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Ambiguity in American monetary and fiscal policy

Abstract

Keywords

ASJC Scopus subject areas

Access to Document

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