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  • 1
    Electronic Resource
    Electronic Resource
    Debt, Growth and Budgetary Regimes (2004)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 56 (2004), S. 0 
    Details
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Within the Barro (1990) model of productive public services, but with the inclusion of public debt, we derive and characterize on the balanced growth path, a set of welfare-maximizing fiscal rules under two budgetary regimes – one with only the standard dynamic government budget constraint, and the other involving the golden rule of public finance. We demonstrate analytically that the optimal fiscal policy differs in the two budgetary regimes considered. We also analyse two cases within the second regime: one, where the ratio of current spending to tax revenues is parametrically given, and another, where this ratio is optimally chosen by the government.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8586.2004.00200.x
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    Decentralized Policymaking in a Long-run Growth Model with Seigniorage and Taxes (1999)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Bulletin of economic research 51 (1999), S. 0 
    Details
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The paper introduces decentralized policymaking into a game-theoretic model with output growth through capital accumulation, and in which the determination of taxes, seigniorage and the long-run growth rate of the economy reflects the strategic interactions between the government, the central bank and the private sector. The paper investigates, among other things, the impact on the long-run growth rate of a higher degree of inflation aversion of the central bank and a higher degree of inefficiency in the tax system.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1467-8586.00080
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    Paper (German National Licenses)
    Fulltext
  • 3
    Electronic Resource
    Electronic Resource
    Endogenous inflationary finance and long-run growth (2001)
    [S.l.] : Emerald
    Journal of economic studies 28 (2001), S. 43-54 
    Details
    ISSN: 0144-3585
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: This paper examines the effects of money financing of deficits on capital accumulation and growth in a framework where inflationary finance is determined endogenously through a dynamic game between an optimising central bank which attempts to minimise the inflation-tax and a rational private sector, and this in turn determines the long-run growth rate of the economy. We use dynamic programming to derive the time-consistent equilibrium, which has intuitive properties. Our results indicate clearly that the inflation tax and the long-run growth rate are negatively related.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/01443580110361463
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    Paper (German National Licenses)
    Fulltext
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