Intertemporal Budget Policies and Macroeconomic Adjustment in a Small Open Economy
This paper analyzes the role of nominal assets in ranking intertemporal budget policies in a growing open economy. The budget policies are ranked in terms of the public's intertemporal stock of tax liabilities. We show that, for a small open economy, the constraint in which the valuation of private and public assets is in terms of the exogenous foreign price level, under purchasing power party, limits the scope of the government to influence the real value of assets using fiscal and monetary policy.
|Date of creation:||2003|
|Contact details of provider:|| Postal: Medford, MA 02155, USA|
Phone: (617) 627-3560
Fax: (617) 627-3917
Web page: http://ase.tufts.edu/economics
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.:
- Fisher, Walter H. & Bianconi, Marcelo, 2001.
"Intertemporal Budget Policies and Macroeconomic Adjustment in a Small Open Economy,"
96, Institute for Advanced Studies.
- Bianconi, Marcelo & Fisher, Walter H., 2005. "Intertemporal budget policies and macroeconomic adjustment in a small open economy," Journal of International Money and Finance, Elsevier, vol. 24(1), pages 1-17, February.
- Marcelo Bianconi & Walter H. Fisher, 2003. "Intertemporal Budget Policies and Macroeconomic Adjustment in a Small Open Economy," Discussion Papers Series, Department of Economics, Tufts University 0312, Department of Economics, Tufts University.
- Guillermo A. Calvo, 2001.
"Capital markets and the exchange rate with special reference to the dollarization debate in Latin America,"
Federal Reserve Bank of Cleveland, pages 312-338.
- Calvo, Guillermo A, 2001. "Capital Markets and the Exchange Rate with Special Reference to the Dollarization Debate in Latin America," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(2), pages 312-334, May.
- Bruce, Neil & Turnovsky, Stephen J, 1999. "Budget Balance, Welfare, and the Growth Rate: "Dynamic Scoring" of the Long-Run Government Budget," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(2), pages 162-186, May.
- Ireland, Peter N., 1994. "Supply-side economics and endogenous growth," Journal of Monetary Economics, Elsevier, vol. 33(3), pages 559-571, June.
- Agell, Jonas & Persson, Mats, 2001.
"On the analytics of the dynamic Laffer curve,"
Journal of Monetary Economics,
Elsevier, vol. 48(2), pages 397-414, October.
- Jonas Agell & Mats Persson, 2000. "On the Analytics of the Dynamic Laffer Curve," CESifo Working Paper Series 383, CESifo Group Munich.
- Agell, Jonas & Persson, Mats, 2000. "On the Analytics of the Dynamic Laffer Curve," Working Paper Series 2000:5, Uppsala University, Department of Economics.
- Agell, J. & Persson, M., 2000. "On the Analytics of the Dunamic Laffer Curve," Papers 2000:5, Uppsala - Working Paper Series.
- Sergio T. Rebelo, 1990.
"Long Run Policy Analysis and Long Run Growth,"
NBER Working Papers
3325, National Bureau of Economic Research, Inc.
- Turnovsky, Stephen J., 1996. "Fiscal policy, growth, and macroeconomic performance in a small open economy," Journal of International Economics, Elsevier, vol. 40(1-2), pages 41-66, February.
- Jones, Larry E & Manuelli, Rodolfo E & Rossi, Peter E, 1993. "Optimal Taxation in Models of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 485-517, June.
- Fumio Hayashi, 1981.
"Tobin's Marginal q and Average a : A Neoclassical Interpretation,"
457, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, vol. 50(1), pages 213-224, January.
- Marcelo Bianconi, 1998.
"Intertemporal Budget Policies in an Endogenous Growth Model with Nominal Assets,"
Discussion Papers Series, Department of Economics, Tufts University
9802, Department of Economics, Tufts University.
- Bianconi, Marcelo, 1999. "Intertemporal budget policies in an endogenous growth model with nominal assets," International Review of Economics & Finance, Elsevier, vol. 8(1), pages 25-43, January.
- Stephen J. Turnovsky, 1997. "International Macroeconomic Dynamics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262201119.
- Slemrod,Joel, 1997.
"Tax Progressivity and Income Inequality,"
Cambridge University Press, number 9780521587761, December.
- Jones, Larry E & Manuelli, Rodolfo E, 1990. "A Convex Model of Equilibrium Growth: Theory and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1008-1038, October.
When requesting a correction, please mention this item's handle: RePEc:tuf:tuftec:0312. 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: (Caroline Kalogeropoulos)
If references are entirely missing, you can add them using this form.