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| Author: | Yano, M. |
| Title: | On the dual stability of a von Neumann facet and the inefficacy of temporary fiscal policy |
| Journal: | Econometrica
1998 : MAR, VOL. 66:2, p. 427-451 |
| Index terms: | EQUILIBRIUM THEORY ECONOMIC STABILITY FISCAL POLICY DYNAMIC MODELS ECONOMETRIC MODELS |
| Language: | eng |
| Abstract: | This paper intends to capture the most fundamental properties of a dynamic general equilibrium model that may hold independent of the specific structure of technologies. The most interesting of those properties may be that concerning the effect of a temporary change in fiscal policy. This paper demonstrates that the efficacy of temporary fiscal policy may be proved in the general equilibrium framework in which the general equilibrium price effect is explicitly taken into account. This result provides a precise general equilibrium interpretation of the inefficacy of temporal fiscal policy and presents assumptions under which the efficacy holds. |
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