| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP529 |
| DP529 Precautionary Saving, Government Policy and Growth in a Stochastic Cash-in-Advance Economy | |
| Seppo Honkapohja; Urho Lempinen | |
| 发表日期 | 1991-05-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | This paper uses a stochastic growth model with consumption, saving, portfolio choice between real capital and government bonds and money holding as a cash-in-advance constraint. It shows that money supply changes due to government expenditure changes or open market operations are never superneutral. In contrast, income tax changes only have nominal effects. Furthermore, Ricardian neutrality does not hold in the model. The real effects are weakened and nominal ones strengthened by increased risk aversion resulting in increased precautionary saving. |
| 主题 | International Macroeconomics |
| 关键词 | Monetarist arithmetic Ricardian neutrality Superneutrality |
| URL | https://cepr.org/publications/dp529 |
| 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/529699 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,Urho Lempinen. DP529 Precautionary Saving, Government Policy and Growth in a Stochastic Cash-in-Advance Economy. 1991. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
