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Risk, Optimal Government Finance and Monetary Policies in a Growing Economy

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Grinols, Earl L
Turnovsky, Stephen J

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Abstract

Optimal tax and monetary policies in a stochastic monetary growth model are investigated. The authors' findings are of three general types. First, both capital income taxes and monetary growth are shown to influence the economy through effective risk-adjusted measures, expressed as a linear function of their respective means and variances. Second, two stochastic neutrality results relating to money and bonds, the two nominal assets in the economy, are identified. Third, optimal policy rules relating to taxes, bond finance, and money creation are characterized. An essential component of optimal financial policy is a risk-adjusted balanced budget. Copyright 1998 by The London School of Economics and Political Science

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Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 65 (1998)
Issue (Month): 259 (August)
Pages: 401-27
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Handle: RePEc:bla:econom:v:65:y:1998:i:259:p:401-27

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  1. Paola Giuliano & Stephen Turnovsky, 2000. "Intertemporal Substitution, Risk Aversion, and Economic Performance in a Stochastically Growing Open Economy," Working Papers 0002, University of Washington, Department of Economics. [Downloadable!]
    Other versions:
  2. Marcelo Bianconi, 2004. "The Welfare Gains from Stabilization in a Stochastically Growing Economy with Idiosyncratic Shocks and Flexible Labor Supply," Discussion Papers Series, Department of Economics, Tufts University 0413, Department of Economics, Tufts University. [Downloadable!]
    Other versions:
  3. Stephen Turnovsky & Pradip Chattopadhyay, 1998. "Volatility and Growth in Developing Economies: Some Numerical Results and Empirical Evidence," Working Papers 0055, University of Washington, Department of Economics. [Downloadable!]
    Other versions:
  4. Djumashev, R, 2007. "Corruption, uncertainty and growth," MPRA Paper 3716, University Library of Munich, Germany. [Downloadable!]
  5. Ratbek Dzhumashev, 2007. "Corruption, Uncertainty And Growth," Monash Economics Working Papers 15/07, Monash University, Department of Economics. [Downloadable!]
  6. Aude POMMERET & William T. SMITH, 2004. "Fertility, Volatility, and Growth," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 04.08, Université de Lausanne, Faculté des HEC, DEEP. [Downloadable!]
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  7. Dzhumashev, Ratbek, 2008. "Corruption and Disposable Risk," MPRA Paper 11772, University Library of Munich, Germany. [Downloadable!]
  8. Stilianos Fountas & Menelaos Karanasos, 2008. "Are economic growth and the variability of the business cycle related ? Evidence from five European countries," Discussion Paper Series 2008_17, Department of Economics, University of Macedonia, revised Dec 2008. [Downloadable!]
    Other versions:
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