| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP225 |
| 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 |
| URL | https://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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