Intertemporal Budget Policies and Macroeconomic Adjustment in a Small Open Economy
Marcelo Bianconi () and
No 312, Discussion Papers Series, Department of Economics, Tufts University from Department of Economics, Tufts University
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. We show that, for a small open economy, the constraint in which the valuation of private and public assets is in terms of the exogenous foreign price level, under purchasing power party, limits the scope of the government to influence the real value of assets using fiscal and monetary policy.
Keywords: Government budget; Taxation; Nominal Assets; Growth (search for similar items in EconPapers)
JEL-codes: E5 E6 F4 (search for similar items in EconPapers)
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Journal Article: Intertemporal budget policies and macroeconomic adjustment in a small open economy (2005)
Working Paper: Intertemporal Budget Policies and Macroeconomic Adjustment in a Small Open Economy (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:tuf:tuftec:0312
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