摘要翻译：
采劝补足”策略是美联储正在进行的货币政策框架审查中的提议之一。为了避免零下限，另一个建议是让财政政策发挥更积极的作用。我们将这些观点结合起来，研究价格水平目标下的货币-财政相互作用。在价格水平目标制和财政主导型体制下，我们发现在通货紧缩需求冲击之后:㈠中央银行提高（而不是降低）政策利率；(ii)因此，中央银行避免了零下限；(iii)与通货膨胀目标制相比，价格水平目标制通常是福利的改善。
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英文标题：
《Monetary-fiscal interactions under price level targeting》
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作者：
Guido Ascari, Anna Florio, Alessandro Gobbi
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最新提交年份：
2020
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分类信息：

一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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英文摘要：
The adoption of a \"makeup\" strategy is one of the proposals in the ongoing review of the Fed\'s monetary policy framework. Another suggestion, to avoid the zero lower bound, is a more active role for fiscal policy. We put together these ideas to study monetary-fiscal interactions under price level targeting. Under price level targeting and a fiscally-led regime, we find that following a deflationary demand shock: (i) the central bank increases (rather than decreases) the policy rate; (ii) the central bank, thus, avoids the zero lower bound; (iii) price level targeting is generally welfare improving if compared to inflation targeting.
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