EconPapers    
Economics at your fingertips  
 

Intertemporal Budget Policies and Macroeconomic Adjustment in a Small Open Economy

Walter Fisher and Marcelo Bianconi ()

No 96, Economics Series from Institute for Advanced Studies

Abstract: This paper analyzes the role of nominal assets in ranking intertemporal budget policies in a growing open economy. The budget policies are ranked in terms of the public's intertemporal stock of tax liabilities. Our main result is that, in a small open economy, the valuation of private and public assets is in terms of the exogenous foreign price level under purchasing power parity. This constraint limits the scope of government to influence the real value of assets using fiscal and monetary policy shocks.

Keywords: Government budget; Taxation; Nominal asstes; Current account (search for similar items in EconPapers)
JEL-codes: E5 E6 F4 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2001-02
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.ihs.ac.at/publications/eco/es-96.pdf First version, 2001 (application/pdf)

Related works:
Journal Article: Intertemporal budget policies and macroeconomic adjustment in a small open economy (2005) Downloads
Working Paper: Intertemporal Budget Policies and Macroeconomic Adjustment in a Small Open Economy (2003) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ihs:ihsesp:96

Ordering information: This working paper can be ordered from
Institute for Advanced Studies - Library, Josefstädterstr. 39, A-1080 Vienna, Austria

Access Statistics for this paper

More papers in Economics Series from Institute for Advanced Studies Josefstädterstr. 39, A-1080 Vienna, Austria. Contact information at EDIRC.
Bibliographic data for series maintained by Doris Szoncsitz ().

 
Page updated 2020-06-06
Handle: RePEc:ihs:ihsesp:96