| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8721 |
| DP8721 Fiscal Devaluations | |
| Emmanuel Farhi; Gita Gopinath; Oleg Itskhoki | |
| 发表日期 | 2011-12-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a standard New Keynesian open economy environment. We perform the analysis under alternative pricing assumptions -- producer or local currency pricing, along with nominal wage stickiness; under alternative asset market structures, and for anticipated and unanticipated devaluations. There are two types of fiscal policies equivalent to an exchange rate devaluation -- one, a uniform increase in import tariff and export subsidy, and two, a value-added tax increase and a uniform payroll tax reduction. When the devaluations are anticipated, these policies need to be supplemented with a consumption tax reduction and an income tax increase. These policies have zero impact on fiscal revenues. In certain cases equivalence requires, in addition, a partial default on foreign bond holders. We discuss the issues of implementation of these policies, in particular, under the circumstances of a currency union. |
| 主题 | International Macroeconomics ; International Trade and Regional Economics ; Public Economics |
| 关键词 | Competitive devaluation Fiscal policy Currency union |
| URL | https://cepr.org/publications/dp8721 |
| 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/537556 |
| 推荐引用方式 GB/T 7714 | Emmanuel Farhi,Gita Gopinath,Oleg Itskhoki. DP8721 Fiscal Devaluations. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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