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A Monetary Model of Exchange Rate and Balance of Payments Adjustment

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  • D Nocetti

Abstract

In this note I explore how a non-constant rate of time preference on the part of policymakers affects economic growth. In a simple dynamic general equilibrium model I show that if the incumbent government has a rate of time preference in the form of a quasi-hyperbolic discounting function, tax rates can be substantially higher and economic growth considerably lower than the standard case of exponential discounting.

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File URL: http://www.economicissues.org.uk/Files/106Nocetti.pdf
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Bibliographic Info

Article provided by Economic Issues in its journal Economic Issues.

Volume (Year): 11 (2006)
Issue (Month): 1 (March)
Pages: 25-36

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Handle: RePEc:eis:articl:106nocetti

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