| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP270
|
| DP270 Monetary and Fiscal Policy in Interdependent Economies with Capital Accumulation, Death and Population Growth |
| Frederick van der Ploeg
|
| 发表日期 | 1988-09-01
|
| 出版年 | 1988
|
| 语种 | 英语
|
| 摘要 | A two-country, optimizing model with capital accumulation, purchasing power parity, floating exchange rates, uncovered interest parity, perfect foresight, finite lives and population growth is developed and analyzed. For the special case of a zero birth rate, individuals are indifferent between tax-finance and bond-finance or money-finance, so that both Ricardian debt-neutrality and monetary super-neutrality prevail. The general case is analyzed by decomposing the model into global averages and differences. A tax-financed increase in monetary growth leads to an interdependent Mundell-Tobin effect in which the world real interest rate falls and capital accumulation increases. A home monetary expansion leads to an increase in home consumption, a fall in foreign consumption and an increase in home holdings of foreign assets. If the expansion occurs through open-market operations, money is super-neutral. The international spillover effects of tax-financed and bond-financed increases in government spending and of bond-financed increases in lump-sum taxation are also considered. |
| 主题 | International Macroeconomics
|
| 关键词 | Bonds
Monetary growth
Monetary neutrality
Open economy model
Taxation
|
| URL | https://cepr.org/publications/dp270
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529426
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推荐引用方式
GB/T 7714 |
Frederick van der Ploeg. DP270 Monetary and Fiscal Policy in Interdependent Economies with Capital Accumulation, Death and Population Growth. 1988.
|
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