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What is Active vs. Passive Policy Equilibria about?

This document summarizes a journal article that analyzes how different combinations of monetary and fiscal policy can produce different economic equilibria. It models policy as either "active" or "passive" depending on how responsive it is to government debt levels. When monetary policy is active and fiscal policy is passive, debt shocks are backed entirely by future taxes rather than money creation. When fiscal policy is active and monetary policy is passive, debt shocks increase current or future inflatio

Author

Rômullo Carvalho

Language

EN