I construct a simple model with sticky prices and interest rate targets, closed by fiscal theory of the price level with long-term debt and fiscal and monetary policy rules. Fiscal surpluses rise following deficits, to repay accumulated debt, but surpluses do not respond to all values of unexpected inflation and deflation. This specification avoids common puzzles and produces reasonable responses to fiscal and monetary policy shocks. It allows an easy translation of any new-Keynesian model, and it allows one to study a whole sample with active fiscal policy.

中文翻译：

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部分偿还长期债务的货币政策财政理论

我构建了一个具有粘性价格和利率目标的简单模型，并通过长期债务价格水平的财政理论以及财政和货币政策规则来封闭。财政盈余随着赤字而上升，以偿还累积的债务，但盈余并不能对意外通货膨胀和通货紧缩的所有价值做出反应。该规范避免了常见的谜题，并对财政和货币政策冲击做出了合理的反应。它允许任何新凯恩斯模型的轻松转换，并且允许人们研究具有积极财政政策的整个样本。