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- W2056660337 abstract "We use a full general-equilibrium two-country, two-period model with perfect capital markets, and intertemporal optimization and perfect foresight underlying private consumer behaviour in both countries, to analyse effects of pure fiscal policy. We demonstrate that higher government budget deficits in one country caused by a cut in commodity taxes today balanced by an equal present value increase tomorrow, will not be offset one for one by higher private savings, because of pure substitution effects triggered by the change in the intertemporal terms of trade the tax change causes. The country with the increased government deficit will therefore run a larger current account deficit which in turn unambiguously leads to higher world real interest rates. Whether a real appreciation results in the country with the higher deficit is shown to depend on the Metzler condition for an undereffected transfer: if ‘we’ spend more on our goods than ‘they’ spend on our goods (on the margin), government deficits will lead to an appreciation of the exchange rate of the country with the government deficit and vice versa." @default.
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- W2056660337 date "1986-10-01" @default.
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- W2056660337 title "On fiscal deficits, the real exchange rate and the world rate of interest" @default.
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- W2056660337 doi "https://doi.org/10.1016/s0014-2921(86)80003-4" @default.
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