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Creator: Miller, Preston J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 220 Descrição:
Working paper 220 was presented at The Economic Consequences of Government Deficits: an Economic Policy Conference, cosponsored by the Center for the Study of American Business and the Institute of Banking and Financial Markets at Washington University, St. Louis, Missouri, October 29-30, 1982.
Palavra-chave: Tax policy, Federal debt, Deficit, Inflation, and Budget policy Sujeito: H62 - National Deficit; Surplus, E52 - Monetary Policy, H63 - National Debt; Debt Management; Sovereign Debt, and E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Creator: Smith, Bruce D. (Bruce David), 1954-2002 Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 237 Abstract:
A model is presented in which governments can select real expenditure levels which are feasible, hut are sufficiently high that a balanced budget is impossible. Thus governments with large expenditures are committed to inflationary finance schemes. This is the case even though the governments in question have access to lump-sum taxes. In addition, the model can explain why poorer countries tend to make heavier use of the inflation tax than do wealthier countries, and can account for the existence of country-specific fiat monies.
Palavra-chave: Government expenditure, Inflationary finance, Real expenditures, Inflation tax, and Deficit Sujeito: H62 - National Deficit; Surplus, H50 - National Government Expenditures and Related Policies: General, and E31 - Price Level; Inflation; Deflation
Creator: Sargent, Thomas J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 238 Palavra-chave: Budget, Dynamic games, Minnesota Vikings, Fiscal policy, Reaganomics, Debt, Deficit, and Monetary policy Sujeito: C73 - Stochastic and Dynamic Games; Evolutionary Games; Repeated Games and E65 - Studies of Particular Policy Episodes
Creator: Wallace, Neil Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 251 Abstract:
Different conclusions about the effects of open market operations are reached even among economists using full employment and rational expectations models. I show that these can be attributed to different assumptions regarding (i) the concept of the deficit that is held fixed in the face of an open market operation, (ii) diversity among agents, and (iii) the features generating money demand. With regard to (iii), I argue that plausible ways of explaining the holding of low-return money preclude the kind of perfect credit markets needed to obtain Ricardian equivalence.
This paper was presented for the International Seminar in Public Economics, held in February 1984 at the University of California at Santa Cruz.
Palavra-chave: Money demand, Ricardian equivalency, Open market purchases, and Deficit Sujeito: E41 - Demand for Money and E52 - Monetary Policy
Creator: Aiyagari, S. Rao Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 424 Palavra-chave: Deficit, Tax policy, Federal government, Taxation, Tax, Tax rates, Taxes , and Budget management Sujeito: H21 - Taxation and Subsidies: Efficiency; Optimal Taxation and H62 - National Deficit; Surplus
Creator: Miller, Preston J. and Roberds, William Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 418 Palavra-chave: Structural model, Deficit, Real interest rates, Budget, and Budget deficit Sujeito: H61 - National Budget; Budget Systems and E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination