| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP491
|
| DP491 Channels of International Policy Transmission |
| Frederick van der Ploeg
|
| 发表日期 | 1991
|
| 出版年 | 1991
|
| 语种 | 英语
|
| 摘要 | A two-country, intertemporal, perfect-foresight model with micro foundations, floating exchange rates, uncovered interest parity, and nominal wage rigidities is formulated. The benchmark case corresponds to unit elasticities of intertemporal and intratemporal substitution in consumption, no initial holdings of foreign assets and infinite lifetimes. Monetary disinflation and an increase in government spending then have no spillover effects on foreign consumption and employment and there are no current account dynamics. Four channels of international policy transmission are then analysed. The first is based on capital gains on holdings of foreign assets. The spillover effects arising through the second and third channel depend on whether goods are gross substitutes or gross complements and on whether the elasticity of intertemporal substitution is less or greater than unity. The final channel assumes finite lifetimes and no bequest motive. It departs from debt neutrality in order to allow wealth effects and current account dynamics to play a more interesting role and to assess the difference between tax and debt finance. |
| 主题 | International Macroeconomics
|
| 关键词 | Finite lives
Intra- and inter-temporal substitution
Revaluation effects
Spillovers
|
| URL | https://cepr.org/publications/dp491
|
| 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/529649
|
推荐引用方式
GB/T 7714 |
Frederick van der Ploeg. DP491 Channels of International Policy Transmission. 1991.
|
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