Public Debt, Welfare and Perpetual Youth: The Ghosh Paradox Revisited
AbstractThis paper points out that the Ghosh's welfare analysis is based on a mis-specified indirect utility function. Under a correct specification the paradox vanishes , unless extreme and empirically implausible values for the elastcity of substitution between domestic and imported goods are assumed.
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Bibliographic InfoPaper provided by Middlesex University - School of Economics in its series Papers with number 51.
Length: 12 pages
Date of creation: 1998
Date of revision:
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Postal: U.K.; School of Economics, Middlesex University Business School, the Burroughs, London NW4 4BT
Phone: 44(020) 8362 5981
Fax: 44(020) 8362 5981
Web page: http://www.mdx.ac.uk/www/economics/
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FISCAL POLICY ; UTILITY FUNCTION;
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- E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
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