المستودع الأكاديمي جامعة المدينة

Long-Run Monetary and Fiscal Policy Trade-Off in an Endogenous Growth Model with Transaction Costs

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dc.creator Villieu, P.
dc.creator Minea, Alexandru
dc.date 2007
dc.date.accessioned 2013-10-16T07:07:17Z
dc.date.available 2013-10-16T07:07:17Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19878
dc.identifier ppn:560907095
dc.identifier RePEc:zbw:gdec07:6546
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19878
dc.description In this paper, we study maximizing long-run economic growth trade-off in monetary and fiscal policies in an endogenous growth model with transaction costs. We show that both monetary and fiscal policies are subject to threshold effects, a result that gives account of a number of recent empirical findings. Furthermore, the model shows that, to finance public expenditures, maximizing-growth government must choose relatively high seigniorage (respectively income taxation), if ?tax evasion? and ?financial repression? coefficients are high (respectively low). Thus, our model may explain why some governments resort to seigniorage and inflationary finance, and others rather resort to high tax-rate, as result of maximizing-growth strategies in different structural environments (notably concerning tax evasion and financial repression). In addition, the model allows examining how the optimal mix of government finance changes in response to different public debt contexts.
dc.language eng
dc.relation Proceedings of the German Development Economics Conference, Göttingen 2007 / Verein für Socialpolitik, Research Committee Development Economics 23
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject H6
dc.subject E5
dc.subject E6
dc.subject O4
dc.subject ddc:330
dc.subject endogenous growth
dc.subject threshold effects
dc.subject monetary policy
dc.subject fiscal policy
dc.subject public deficit
dc.subject policy mix
dc.subject tax evasion
dc.subject financial repression
dc.title Long-Run Monetary and Fiscal Policy Trade-Off in an Endogenous Growth Model with Transaction Costs
dc.type doc-type:conferenceObject


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