Showing papers on "Golden Rule (fiscal policy) published in 1981"

TL;DR: In this paper, the problem of optimal long-run monetary policy is considered, and it is shown that inflation can have important welfare effects, and that optimal inflation policy is an empirical question, which depends on the structure of the economy.

TL;DR: This article showed that even at the second best solution the golden rule and the Ramsey rule hold if all the effective non-lump sum taxes are available in the context of an overlapping generations model.