Capital Mobility and the Effectiveness of Fiscal Policy in Open Economies PDF Download
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Author: Christian Pierdzioch
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
Author: Christian Pierdzioch
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
Author: Richard Hemming
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 62
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Book Description
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Author: Christian Pierdzioch
Publisher:
ISBN:
Category :
Languages : en
Pages : 25
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Author: Christian Pierdzioch
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Author: Ms.Wenyi Shen
Publisher: International Monetary Fund
ISBN: 1475562160
Category : Business & Economics
Languages : en
Pages : 74
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Book Description
This paper studies the effects of government spending under limited international capital mobility, as featured by most developing countries. While external financing of government debt mitigates the crowding-out effect, it generates real appreciation, which contracts traded output and lowers the fiscal multiplier in the short run. The decline of the multiplier is larger when facing debt-elastic country risk premia. Also, government spending is more expansionary with more home bias in government purchases, more sectoral rigidities, and a less flexible exchange rate. Whether the twin-deficit hypothesis holds depends crucially on the extent to which government deficits are financed externally.
Author: Helmut Frisch
Publisher: Springer
ISBN: 1349128848
Category : Business & Economics
Languages : en
Pages : 437
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Book Description
The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies. Equally important is the declining relevance of the real versus the monetary theory dichotomy. These papers focus on those aspects of monetary policy which relate to credibility and non-neutrality; the domestic adjustment to foreign shocks; the interdependence of open economies and their strategic interactions. An important section is also devoted to the innovative modelling of exchange rate dynamics.
Author: Patrizio Tirelli
Publisher: Springer
ISBN: 134922605X
Category : Business & Economics
Languages : en
Pages : 201
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Book Description
The book investigates issues of policy design in open economies. The performance of simple alternative policy rules is analysed in the context of theoretical models using both analytical solutions and numerical simulations techniques. One of the substantive contributions of the research is that policy evaluation should take into account, among other things, the implications of different rules for foreign wealth and the exchange rate. Hence the open economy models presented in the book include wealth effects and the current account.
Author: Michelle Fratianni
Publisher: Greenwood
ISBN:
Category : Business & Economics
Languages : en
Pages : 602
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Book Description
Focusing on the international dimension of macroeconomic policy, this handbook covers the main areas of modern macroeconomic policy in open economies. The emphasis is on policy applications rather than the development of economic theory. There are three basic goals: (1) an understanding of how economic theories affect actual policy making, (2) a description of the institutional and conceptual development of the international economy, and (3) an explanation of the way policy-making institutions deal with the so-called international economy. The handbook consists of an introductory chapter and four parts. The first treats macroeconomic policy-making from the home country versus the rest of the world perspective. The second part stresses policies among interacting and reacting countries. The third part considers the development of world capital markets and the international monetary system as important parts of the policy environment. The final part details macroeconomic policies in the G7 and Latin American countries.
Author: Jacob A. Frenkel
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 13
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Book Description
The central theme of this paper is that international linkages between national economies influence, in fundamentally important ways, the effectiveness and proper conduct of national macroeconomic policies. Specifically, our purpose is to summarize the implications for the conduct of macroeconomic policies in open economies of both the traditional approach to open economy macroeconomics (as developed largely by James Meade, Robert Mundell, and J. Marcus Fleming) and of more recent developments. Our discussion is organized around three key linkages between national economies: through commodity trade; through capital mobility; and through exchange of national monies. These linkages have important implications concerning the effects of macroeconomic policies in open economies that differ from the effects of such policies in closed economies. Recent developments in the theory of macroeconomic policy have established conditions for the effectiveness of policies in influencing output and employment which emphasize the distinction between anticipated and unanticipated policy actions, the importance of incomplete information, and the consequences of contracts that fix nominal wages and prices over finite intervals. In this paper, we shall not analyze how these conditions are modified in an open economy. However, since our concern is with macro-economic policy, a principal objective of which is to influence output and employment, we shall assume that requisite conditions for such influence are satisfied
Author: Oscar Bajo Rubio
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 190
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Book Description
Although it is the chief tool for international policy analysis in an international context, the Mundell-Fleming model has come under some scrutiny as being obsolete and weak in microeconomics. The model is used to study monetary and fiscal policy of various exchange rate systems. New Open Economy Macroeconomics attempts to insert market imperfections and microfoundations into its framework, as an alternative to Mundell-Fleming. However, this new structure has raised its own doubts about its viability as an alternative to Mundell-Fleming. The empirical tests of New Open Macroeconomic models do not result in predictions that fit with available evidence. This testing, though, is still in its early stages and the new models continue to hold some promise. This book assembles a series of papers that take differing points of view in theoretical analyses of macroeconomic policies in open economies. These observations provide a solid framework for study, examine applications in two-country models and try and unite Mundell-Fleming with New Open Macroeconomics. With economics a constant in the forefront of the news, the studies here offer a glimpse at the cutting edge of fiscal researc
