European Monetary Union: Theory, Evidence, and Policy
In: Contributions to Economics Ser.
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In: Contributions to Economics Ser.
In: Contributions to Economics
This book is concerned with the long-run effects of budgetary and financial policy on aggregate demand and supply. Here the long run is characterized by the accumulation of public debt and foreign assets. This gives rise to a number of questions. Will the long-run equilibrium be stable? What does long-run instability imply? Is the long-run multiplier smaller than the short-run multiplier? Can the long-run multiplier become negative? This book takes a new approach to macroeconomic policy. It assumes a growing economy, as opposed to a stationary economy. And it assumes that the government fixes the deficit rate, as opposed to the tax rate. It is argued that economic growth is an important factor of long-run stability. Similarly, it is argued that a fixed deficit rate is an important factor of long-run stability
In: Contributions to Economics Ser.
In: Wirtschaftswissenschaftliche Beiträge 119
In: Contributions to Economics
The focus of this book is on the dynamics of public dept. It proves useful to consider the Solow growth model, the overlapping generations model and the infinite horizon model. Sustainability refers to the existence and the stability of the long-run equilibrium. The government can follow either of two strategies: it fixes the deficit ratio or the tax rate. By means of phase diagrams, we trace out the processes of adjustment induced by various macroeconomic shocks. In addition, different scenarios are reviewed: closed economy, the open economy, and two countries. The open economy adds the dynamics of the current account and of foreign dept
In: Contributions to economics
In: Studies in contemporary economics
In: Contributions to Economics; European Monetary Union, S. 195-199
In: Contributions to Economics; European Monetary Union, S. 105-108
In: Contributions to Economics; European Monetary Union, S. 147-149
In: Contributions to Economics; European Monetary Union, S. 215-234
In: Contributions to Economics; European Monetary Union, S. 23-31
In: Contributions to Economics; European Monetary Union, S. 200-202
In: Contributions to Economics; European Monetary Union, S. 169-170
In: Contributions to Economics; European Monetary Union, S. 171-184