研究者情報 | 神奈川大学

シナガワ　シュンスケ Shinagawa Shunsuke 品川　俊介所属神奈川大学経済学部経済学科/現代ビジネス学科神奈川大学大学院経済学研究科経済学専攻（公共政策コース）職種准教授
言語種別	日本語
発行・発表の年月	2025/02
形態種別	大学・研究所等紀要
標題	Local Determinacy of Equilibrium Paths in Three-Dimensional New Keynesian Models: An Analysis of the Interaction Between Monetary and Fiscal Policies
執筆形態	共著
掲載誌名	南山大学経済学会ワーキングペーパー
掲載区分	国内
出版社・発行元	南山大学経済学会
巻・号・頁	65
著者・共著者	Eiji Tsuzuki, Shunsuke Shinagawa
概要	To achieve local determinacy of the equilibrium path in a typical New Keynesian model, an active monetary policy must be accompanied by a passive fiscal policy. Furthermore, a passive monetary policy must be accompanied by an active fiscal policy. However, numerous studies have found that this principle does not hold under several additional assump- tions. The present study comprehensively identifies a set of monetary and fiscal policy parameters to achieve local determinacy in an orthodox three-dimensional continuous-time New Keynesian model, assuming dis- tortionary taxation. The results demonstrate that, first, when inflation targeting is active in monetary policy implementation, fiscal policy may be ineffective in achieving determinacy if the elasticity of consumption with respect to currency holdings is sufficiently large. Second, implementing output targeting as part of monetary policy can effectively eliminate such cases.