Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy
The author considers the response of a dependent economy with overlapping generations households to fiscal and financial shocks, an d the influence of alternative budget balancing rules on the response of the system to external shocks. The government spends on traded and nontraded goods, and raises revenue through lump-sum taxes and through a distortionary tax on traded goods production. Even without government budget deficits, choices concerning the composition of public spending and the structure of taxation have important consequences for the real exchange rate, the allocation of production , the level and composition of consumption, and the current account. Copyright 1988 by Royal Economic Society.
Volume (Year): 40 (1988)
Issue (Month): 2 (June)
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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.:
- Willem H. Buiter, 1984.
"Saddlepoint Problems in Contifuous Time Rational Expectations Models: A General Method and Some Macroeconomic Ehamples,"
NBER Technical Working Papers
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- Jacob A. Frenkel & Assaf Razin, 1984. "Fiscal Policies, Debt, and International Economic Interdependence," NBER Working Papers 1266, National Bureau of Economic Research, Inc.
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