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Fiscal Policy, Capital Accumulation, and Debt in an Open Economy

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  • Stephen J. Turnovsky
  • Partha Sen

Abstract

This paper analyzes the effects of changes in government expenditures on both a domestically produced and an imported good in an open economy based on intertemporal optimizing behavior. The dynamic adjustment is characterized in detail and the critical role played by the accumulating capital stock is highlighted. The evolution of the current account is seen to mirror that of capital. The welfare of such policies is also assessed in tans of the intertemporal utility of the representative agent. Both permanent and temporary policy changes are considered, with the latter being shown to have a permanent effect on the economy.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3489.

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Date of creation: Oct 1990
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Publication status: published as Oxford Economic Papers, Vol. 43, No. 1, pp. 1-24, March 1991.
Handle: RePEc:nbr:nberwo:3489

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