| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP397 |
| DP397 Supply Side Uncertainty and Effects of Government Financing Decisions | |
| Seppo Honkapohja; Urho Lempinen | |
| 发表日期 | 1990-04-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | In this paper we develop a stochastic monetary growth model with exogenous productivity shocks to consider the effects of changes in the financing structure of government deficits on the key variables of the economy. We study how the presence of supply-side uncertainty affects the equilibrium of the economy and the responses of key variables to the various policy changes. Finally, we consider the feasibility of different policies in the model. Introducing uncertainty in the model lowers (raises) the nominal interest rate and the mean inflation rate in the economy, if the fundamental government budget is in deficit (surplus). Changes in the bonds-to-money ratio turn out to have both real and nominal effects in the model. A permanent open market sale is a contractionary measure with respect to output and growth but unambiguously raises the equilibrium nominal interest rate and most likely accelerates inflation. |
| 主题 | International Macroeconomics |
| 关键词 | Deficits Growth Open-market operations |
| URL | https://cepr.org/publications/dp397 |
| 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/529558 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,Urho Lempinen. DP397 Supply Side Uncertainty and Effects of Government Financing Decisions. 1990. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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