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

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Author Info
W. J. McKibbin
T. J. Bok

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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.

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

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Handle: RePEc:wop:briedp:120

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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.:
  1. McKibbin, W.J. & Wilcoxen, P.J., 1995. "Environmental Policy and International Trade," Papers 117, Brookings Institution - Working Papers.
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  2. 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. [Downloadable!] (restricted)
  3. William D. Nordhaus, 1982. "How Fast Should We Graze the Global Commons?," Cowles Foundation Discussion Papers 615, Cowles Foundation, Yale University. [Downloadable!]
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  4. Stephen C Peck & Thomas J. Teisberg, 1992. "CETA: A Model for Carbon Emissions Trajectory Assessment," The Energy Journal, International Association for Energy Economics, vol. 13(1), pages 55-78.
  5. 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, Economics Department. [Downloadable!]
  6. Mckibbin, W.J. & Wilcoxen, P.J., 1992. "The Global Costs of Policies to Reduce Greenhouse Gas Emissions," Papers 97, Brookings Institution - Working Papers.
  7. 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, . [Downloadable!] (restricted)
  8. 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. [Downloadable!] (restricted)
  9. Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, vol. 38(3-4), pages 964-973, April. [Downloadable!] (restricted)
  10. Diewert, W E, 1992. "The Measurement of Productivity," Bulletin of Economic Research, Blackwell Publishing, vol. 44(3), pages 163-98, July.
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  11. Schelling, Thomas C, 1992. "Some Economics of Global Warming," American Economic Review, American Economic Association, vol. 82(1), pages 1-14, March.
  12. 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.
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  14. 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. [Downloadable!] (restricted)
  15. 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, Economics Department. [Downloadable!]
  16. John Whalley & Randall Wigle, 1991. "Cutting CO2 Emissions: The Effects of Alternative Policy Approaches," The Energy Journal, International Association for Energy Economics, vol. 12(1), pages 109-124.
  17. 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. 12(1), pages 67-86.
  18. 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. [Downloadable!] (restricted)
  19. Stollery, Kenneth R, 1985. "Productivity Change in Canadian Mining, 1957-1979," Applied Economics, Taylor and Francis Journals, vol. 17(3), pages 543-58, June.
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  1. Warwick. J. McKibbin, . "Quantifying APEC Trade Liberalization: A Dynamic Analysis," Discussion Papers 122, Brookings Institution International Economics. [Downloadable!]
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