全球智库信息集成服务系统(G2TT): DP5797 On the Relevance of Exchange Rate Regimes for Stabilization Policy

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP5797
	DP5797 On the Relevance of Exchange Rate Regimes for Stabilization Policy
	Isabel Correia; Pedro Teles; Bernardino Adão
发表日期	2006-08-18
出版年	2006
语种	英语
摘要	We consider a constant returns to scale, one sector economy with segmented asset markets, encompassing both the Woodford (1986) and overlapping generations models. We analyze the role of public spending, financed by (labour or capital) income and consumption taxation, on the emergence of indeterminacy. We find that what is relevant for indeterminacy is the variability of the distortion introduced by government intervention. We further discuss the results in terms of the level of the tax rate, its variability with respect to the tax base and the degree of externalities in preferences due to the existence of a public good. We show that the degree of public spending externalities affects the combinations between the tax rate and its variability under which indeterminacy occurs. Moreover, in contrast to previous results, we find that consumption taxes can lead to local indeterminacy when asset markets are segmented.
主题	International Macroeconomics
关键词	Indeterminacy Public spending Taxation Segmented asset markets
URL	https://cepr.org/publications/dp5797
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/534635
推荐引用方式 GB/T 7714	Isabel Correia,Pedro Teles,Bernardino Adão. DP5797 On the Relevance of Exchange Rate Regimes for Stabilization Policy. 2006.