Advanced Search
MyIDEAS: Login to save this paper or follow this series

The Impact on the Asia-Pacific Region of Fiscal Policy of the United States and Japan

Contents:

Author Info

  • W. J. McKibbin
  • T. J. Bok

Abstract

This paper explores the macroeconomic consequences of changes in fiscal policy in the United States and Japan, for countries in the Asia-Pacific region. The basis of the study is the McKibbin-Sachs Global model that now includes models for Korea, Australia and Japan. It is shown that the response of global financial markets is important in determining the short run impact and the dynamics of adjustment of countries in the Asia-Pacific region when macroeconomic policies change in Japan and the United States. It is also shown that whether a policy is anticipated or not has important consequences for the adjustment process. Indeed in the short run GDP may rise or fall in response to a change in fiscal policy depending on the announcement effect of the policy change.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.msgpl.com.au/download/BDP121.PDF
File Function: text
Download Restriction: no

Bibliographic Info

Paper provided by Brookings Institution International Economics in its series Discussion Papers with number 120.

as in new window
Length:
Date of creation:
Date of revision:
Handle: RePEc:wop:briedp:120

Contact details of provider:
Postal: 1775 Massachusetts Ave NW, Washington DC 20036-2188
Email:
Web page: http://www.brook.edu/
More information through EDIRC

Related research

Keywords:

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Jorgenson, D.W. & Slesnick, D. & Wilcoxen, P.J., 1992. "Carbon Taxes and Economic Welfare," Harvard Institute of Economic Research Working Papers 1589, Harvard - Institute of Economic Research.
  2. Jorgenson, Dale W. & Wilcoxen, Peter J., 1992. "Global change, energy prices, and US economic growth," Structural Change and Economic Dynamics, Elsevier, vol. 3(1), pages 135-154, June.
  3. Dale W. Jorgenson & Masahiro Kuroda, 1991. "Productivity and International Competitiveness in Japan and the United States, 1960-1985," NBER Chapters, in: Productivity Growth in Japan and the United States, pages 29-57 National Bureau of Economic Research, Inc.
  4. Hoel, Michael, 1991. "Global environmental problems: The effects of unilateral actions taken by one country," Journal of Environmental Economics and Management, Elsevier, vol. 20(1), pages 55-70, January.
  5. Felder Stefan & Rutherford Thomas F., 1993. "Unilateral CO2 Reductions and Carbon Leakage: The Consequences of International Trade in Oil and Basic Materials," Journal of Environmental Economics and Management, Elsevier, vol. 25(2), pages 162-176, September.
  6. Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, vol. 38(3-4), pages 964-973, April.
  7. Jorgenson, Dale W. & Wilcoxen, Peter J., 1990. "Intertemporal general equilibrium modeling of U.S. environmental regulation," Journal of Policy Modeling, Elsevier, vol. 12(4), pages 715-744.
  8. Hayashi, Fumio, 1982. "The Permanent Income Hypothesis: Estimation and Testing by Instrumental Variables," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 895-916, October.
  9. Mckibbin, W.J. & Wilcoxen, P.J., 1992. "The Global Costs of Policies to Reduce Greenhouse Gas Emissions," Papers 97, Brookings Institution - Working Papers.
  10. Nordhaus, William D, 1991. "To Slow or Not to Slow: The Economics of the Greenhouse Effect," Economic Journal, Royal Economic Society, vol. 101(407), pages 920-37, July.
  11. Perroni, Carlo & Rutherford, Thomas F, 1993. " International Trade in Carbon Emission Rights and Basic Materials: General Equilibrium Calculations for 2020," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(3), pages 257-78.
  12. William R. Cline, 1992. "Economics of Global Warming, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 39.
  13. Campbell, John Y & Mankiw, N Gregory, 1990. "Permanent Income, Current Income, and Consumption," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(3), pages 265-79, July.
  14. Nordhaus, William, 1982. "How Fast Should We Graze the Global Commons?," American Economic Review, American Economic Association, vol. 72(2), pages 242-46, May.
  15. McKibbin, W.J. & Wilcoxen, P.J., 1995. "Environmental Policy and International Trade," Papers 117, Brookings Institution - Working Papers.
  16. Robert J. Gordon, 1995. "Is There a Tradeoff between Unemployment and Productivity Growth?," NBER Working Papers 5081, National Bureau of Economic Research, Inc.
  17. Bosworth, B. & Collins, S.M. & Chen, Y.C., 1995. "Accounting for Differences in Economic Growth," Papers 115, Brookings Institution - Working Papers.
  18. Jean-Marc Burniaux & John P. Martin & Giuseppe Nicoletti & Joaquim Oliveira Martins, 1991. "GREEN - - A Multi-Region Dynamic General Equilibrium Model for Quantifying the Costs of Curbing CO2 Emissions: A Technical Manual," OECD Economics Department Working Papers 104, OECD Publishing.
  19. Maddison, Angus, 1987. "Growth and Slowdown in Advanced Capitalist Economies: Techniques of Quantitative Assessment," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 649-98, June.
  20. Uzawa, H, 1969. "Time Preference and the Penrose Effect in a Two-Class Model of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 77(4), pages 628-52, Part II, .
  21. Diewert, W E, 1992. "The Measurement of Productivity," Bulletin of Economic Research, Wiley Blackwell, vol. 44(3), pages 163-98, July.
  22. William W. Hogan & Dale W. Jorgenson, 1991. "Productivity Trends and the Cost of Reducing CO2 Emissions," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 67-86.
  23. Stephen C Peck & Thomas J. Teisberg, 1992. "CETA: A Model for Carbon Emissions Trajectory Assessment," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 55-78.
  24. Jorgenson, Dale W, 1988. "Productivity and Postwar U.S. Economic Growth," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 23-41, Fall.
  25. John Whalley & Randall Wigle, 1991. "Cutting CO2 Emissions: The Effects of Alternative Policy Approaches," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 109-124.
  26. Thomas Rutherford, 1992. "The Welfare Effects of Fossil Carbon Restrictions: Results from a Recursively Dynamic Trade Model," OECD Economics Department Working Papers 112, OECD Publishing.
  27. Peter Hoeller & Jonathan Coppel, 1992. "Energy Taxation and Price Distortions in Fossil Fuel Markets: Some Implications for Climate Change Policy," OECD Economics Department Working Papers 110, OECD Publishing.
  28. Schelling, Thomas C, 1992. "Some Economics of Global Warming," American Economic Review, American Economic Association, vol. 82(1), pages 1-14, March.
  29. James M. Poterba, 1991. "Tax Policy to Combat Global Warming: On Designing a Carbon Tax," NBER Working Papers 3649, National Bureau of Economic Research, Inc.
  30. Goulder Lawrence H., 1995. "Effects of Carbon Taxes in an Economy with Prior Tax Distortions: An Intertemporal General Equilibrium Analysis," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 271-297, November.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Prof Warwick McKibbin, 1996. "Quantifying APEC Trade Liberalization: A Dynamic Analysis," Trade and Development 96/1, Australian National University, Department of Economics.
  2. McKibbin, Warwick J. & Wilcoxen, Peter J., 2013. "A Global Approach to Energy and the Environment," Handbook of Computable General Equilibrium Modeling, Elsevier.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:wop:briedp:120. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.