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Business Cycles and Fiscal Policy in an Open Economy

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  • Andersen, T.M.
  • Holden, S.

Abstract

Do business cycle fluctuations leave a role and a welfare case for an active stabilization policy by means of fiscal policy instruments? We address this issue in a two-sector open economy model with price-taking firms and imperfect competition in the labour market. Fiscal policies are shown to affect the equilibrium distribution of prices and hence output in the case of both supply (productivity) and demand (preferences) shocks.

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File URL: https://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/1998/Memo-12-1998.pdf
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Bibliographic Info

Paper provided by Oslo University, Department of Economics in its series Memorandum with number 12/1998.

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Length: 31 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:hhs:osloec:1998_012

Contact details of provider:
Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
Email:
Web page: http://www.oekonomi.uio.no/indexe.html
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Related research

Keywords: BUSINESS CYCLES ; FISCAL POLICY ; DEMAND ; SUPPLY;

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References

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  1. Jonsson, G. & Klein, P., 1995. "Stochastic Fiscal Policy and the Swedish Business Cycle," Papers 592, Stockholm - International Economic Studies.
  2. Tamim Bayoumi & Barry Eichengreen, 1995. "Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 32-48, March.
  3. Campbell, John, 1994. "Inspecting the Mechanism: An Analytical Approach to the Stochastic Growth Model," Scholarly Articles 3196342, Harvard University Department of Economics.
  4. Thomas, Charles P, 1995. "The Role of Fiscal Policy in an Incomplete Markets Framework," Review of Economic Studies, Wiley Blackwell, vol. 62(3), pages 449-68, July.
  5. Dixon, Huw & Lawler, Phillip, 1996. " Imperfect Competition and the Fiscal Multiplier," Scandinavian Journal of Economics, Wiley Blackwell, vol. 98(2), pages 219-31, June.
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Cited by:
  1. Andersen, Torben M. & Holden, Steinar, 2002. "Stabilization policy in an open economy," Journal of Macroeconomics, Elsevier, vol. 24(3), pages 293-312, September.

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