haku: @author Goenka, A. / yhteensä: 2
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| Tekijä: | Goenka, A. |
| Otsikko: | Fiscal rules and extrinsic uncertainty |
| Lehti: | Economic Theory
1994 : VOL. 4:3, p. 401-416 |
| Asiasana: | FISCAL POLICY UNCERTAINTY ECONOMIC THEORY |
| Kieli: | eng |
| Tiivistelmä: | This paper analyzes the effect of two fiscal policy regimes on the set of equilibria. A general equilibrium model with public goods is used to re-examine Friedman's (9) proposal for fiscal reform. The issue is whether a constraint upon fiscal policyrequiring budget balance under all contingencies increases the stability of the economy. Stability is modelled in terms of neutralizing extrinsic uncertainty or sunspots. The government consists of bureaus providing public goods. |
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