G2TT
来源类型Discussion paper
规范类型论文
来源IDDP192
DP192 Government Deficits and Speculation
Seppo Honkapohja; Urho Lempinen
发表日期1987-09-01
出版年1987
语种英语
摘要We consider a simple general equilibrium model for the determination of asset prices together with full equilibria in the commodity and money markets. In this way portfolio aspects are introduced into a dynamic macro model which has many features from growth theory. Money holdings are modelled through a simple cash-in-advance constraint and all the assets are real investments of capital into productive processes. The government budget constraint is also explicitly incorporated. In this framework we generalize the distinction between anticipated and unanticipated policies into probabilistic anticipations about some money-financed fiscal policies. As the analytically simplest case we study the effects of temporary taxes that are randomly introduced. These surprise taxes are foreseen by consumers and influence their portfolio investment allocations. Moreover, consumers' expectations regarding the introduction of surprise taxes alter the variability of the government "fundamental deficit", so that the naive idea of using surprise temporary taxes to control the cumulative deficit does not work in general. It is, however, possible to devise a sophisticated scheme that in a rational expectations framework achieves intertemporal government budgetary balance.
主题International Macroeconomics
关键词Cash in advance Fiscal policy Government deficits Growth monetary policy Random taxation
URLhttps://cepr.org/publications/dp192
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529348
推荐引用方式
GB/T 7714
Seppo Honkapohja,Urho Lempinen. DP192 Government Deficits and Speculation. 1987.
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