In the discrete-time new-Keynesian model with public debt, Ramsey optimal policy eliminates the indeterminacy of simple-rules multiple equilibria between the fiscal theory of the price level versus new-Keynesian versus an unpleasant equilibrium. If public debt volatility is taken into account into the loss function, the interest rate responds to public debt besides inflation and output gap. Else, the Taylor rule is identical to Ramsey optimal policy when there is zero public debt. The optimal fiscal-rule parameter implies the local stability of public-debt dynamics (“passive” fiscal policy).

中文翻译：

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具有公共债务的新凯恩斯模型中的拉姆齐最优政策

在具有公共债务的离散时间新凯恩斯模型中，拉姆齐最优政策消除了价格水平财政理论与新凯恩斯主义与不愉快均衡之间的简单规则多重均衡的不确定性。如果将公共债务波动性考虑到损失函数中，除了通货膨胀和产出缺口之外，利率还会对公共债务做出反应。否则，当公共债务为零时，泰勒规则与拉姆齐最优政策相同。最优财政规则参数意味着公共债务动态的局部稳定性（“被动”财政政策）。