A New-Open-Economy Macro Model for Fiscal Policy Evaluation

Released on by Dennis P. J. Botman
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  • A New-Open-Economy Macro Model for Fiscal Policy Evaluation Book Detail

  • Author : Dennis P. J. Botman
  • Release Date : 2006-02-01
  • Publisher : INTERNATIONAL MONETARY FUND
  • Genre :
  • Pages : 46
  • ISBN 13 : 9781451863055
  • File Size : 42,42 MB
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A New-Open-Economy Macro Model for Fiscal Policy Evaluation by Dennis P. J. Botman PDF Summary

Book Description: We develop a New-Open-Economy-Macro model in which Ricardian equivalence does not hold because of (i) distortionary labor and corporate income taxation; (ii) limited asset market participation; and (iii) because the overlapping-generations structure results in a disconnect between current and future generations. We consider a permanent increase in government debt following a cut in labor or corporate income taxes in a small and large open economy. We analyze the sensitivity of the results to the key structural parameters of the model and argue that under plausible assumptions there will be significant crowding-out effects associated with permanent increases in government debt.

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Macroeconomic Policy

Macroeconomic Policy

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This is an applications-oriented text that demystifies the linkages between monetary and fiscal policies and key macroeconomic variables such as income, unemplo