G2TT
来源类型Discussion paper
规范类型论文
来源IDDP225
DP225 Can Public Spending Cuts be Inflationary?
Willem Buiter
发表日期1988-04-01
出版年1988
语种英语
摘要The paper uses a 'demand for seigniorage revenue' and 'supply of seigniorage revenue' approach to determine the consequences of cuts in public spending for the rate of inflation. Monetary financing is viewed as the residual financing mode, with tax rates and public debt/GDP ratios held constant. In a small open economy with an exogenous real interest rate, cuts in public consumption spending will lower the inflation rate in the revenue-efficient region of the seigniorage Laffer curve. When there are cuts in public sector capital formation, the inflation rate can rise even in the seigniorage-efficient region. This will be the case if the expenditure effect (which reduces the deficit one-for-one) is more than offset by direct and indirect revenue effects (which raise the deficit) and by the adverse money demand effect. When the real interest rate is endogenous, the scope for inflation-increasing public spending cuts in enhanced.
主题International Macroeconomics
关键词Budget deficit inflation Laffer curve Public sector investment Public spending Seigniorage
URLhttps://cepr.org/publications/dp225
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/529394
推荐引用方式
GB/T 7714
Willem Buiter. DP225 Can Public Spending Cuts be Inflationary?. 1988.
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