Budgetary policy, international and intertemporal trade in the global economy
著者
書誌事項
Budgetary policy, international and intertemporal trade in the global economy
（Professor Dr. P. Hennipman lectures in economics, v. 10）
North-Holland , Sole distributors for the U.S.A. and Canada, Elsevier Science Pub., 1989
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注記
Bibliography: p. [145]-148
内容説明・目次
内容説明
This monograph addresses a number of practical current policy issues in the areas of open economy macro-economic and international trade theory. The questions that are asked and answered include the following: What are the effects of a debt-financed cut in taxes on the real exchange rate, the trade balance, the current account and domestic and foreign real interest rates and stock markets in the short run and the long run? How do variations in public spending (financed through variations in taxations or borrowing) affect these same variables? How do productivity shocks or supply side-friendly tax cuts such as reductions in the rate of taxation on capital income affect the domestic and foreign economies? While the questions have an obvious immediate practical policy relevance, their treatment is uncompromisingly theoretical. A number of highly abstract and greatly simplified two-country models are presented and put through their paces in order to shed some light on the essential features of the international transmission mechanism.
目次
Introduction. Does an Increase in the Trade Balance Surplus or in the Current Account Surplus at Full Employment Require a Depreciation of the Real Exchange Rate? A First Approach. A Very Simple Two-Country Model Based on Krugman and Baldwin. Supply Shocks. Intertemporal Allocation and Financial Markets. Endogenous Absorption Shares. Private Consumption. Private Capital Formation. Public Spending. Imported Intermediate Inputs. The Domestic Bias in Spending. Increasing Returns to Scale in Production. A Simple Pooling Equilibrium. A Pooling Equilibrium with Capital Formation. Long Run Equilibrim. Dynamic Adjustment. Imported Capital Goods. A Model with Domestic Bias in Private Consumption, Capital Formation and Portfolio Choice. Consumption. Investment, Employment and Production. The Complete Model. Debt Neutrality and Henry George's ``Single Tax''. Long-Run Equilibrium. Table V.1. Demand Shocks with Deficit Financing. Dynamic Adjustment to an Early Tax Cut Followed by an Eventual Tax Increase. Balanced Budget Demand Shocks. Balanced Budget Supply Shocks. Dynamic Response to a Productivity Shock. Conclusion. References.
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