| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP192 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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