BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Autor
Dudek Maciej K. (Polska Akademia Nauk; Szkoła Główna Handlowa w Warszawie)
Tytuł
On the Effectiveness of Keynesian Policies in General Equilibrium
Źródło
Studia Ekonomiczne / Polska Akademia Nauk. Instytut Nauk Ekonomicznych, 2011, nr 2 (69), 113-147, bibliogr. 62 poz.
Economic Studies
Słowa kluczowe
Keynesizm, Obliczeniowy model równowagi ogólnej, Wydatki budżetowe, Polityka fiskalna
Keynesian theory, Computable General Equilibrium model (CGE), Budget expenditures, Fiscal policy
Uwagi
streszcz., summ.
Abstrakt
W modelu równowagi ogólnej z racjonalnymi w pełni podmiotami i wbudowanymi niedoskonałościami informacyjnymi na poziomie mikro pokazano, że wydatki rządowe finansowane poprzez emisję obligacji mogą poprawiać dobrobyt we wszystkich horyzontach czasowych pomimo ich negatywnego wpływu na proces formowania kapitału fizycznego. Dodatkowo wskazano, że bezpośrednie wydatkowanie przez rząd ma większy wpływ na aktywność ekonomiczną aniżeli cięcia podatkowe. Ponadto zaprezentowano, że polityka monetarna jest mniej efektywna w okresie recesji aniżeli ekspansji. Przedstawiane wyniki są zgodne z poglądami Keynesa, iż recesje powinny być zwalczane za pomocą polityki fiskalnej, a nie za pomocą polityki pieniężnej oraz motywują istnienie pułapki płynnościowej.(abstrakt oryginalny)

In a general equilibrium model with fully rational agents and built - in micro - level uncertainty we show that debt - financed government spending on consumption can be welfare improving at all horizons despite the fact that it inhibits the process of physical capital formation. In addition, we show that the impact of a direct demand stimulus is likely to be more pronounced than the impact of a tax cut on economic activity. Finally, we argue that monetary policy is less effective during recessions than expansions. Our findings are consistent with Keynes's view that recessions should be fought with fiscal policy rather than monetary policy, and provide rationale for the concept of liquidity trap. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Acemoglu D. (1993), Learning about Others' Actions and the Investment Accelerator, "The Economic Journal", pp. 318-328.
  2. Alesina A., Tabellini G. (1990), A Positive Theory of Fiscal Deficits and Government Debt, "Review of Economic Studies", No. 57, pp. 403-414.
  3. Alesina A., Tabellini G. (1990), Voting on the Budget Deficit, "American Economic Review" No. 80, pp. 37-49.
  4. Alesina A., Tabellini G. (1992), Positive and Normative Theories of Public Debt and Inflation in Historical Perspective, "European Economic Review" No. 36, pp. 337-344.
  5. Al - Eyd A.J., Barrell R. (2005), Estimating Tax and Benefit Multipliers in Europe, "Economic Modeling", No. 22, pp. 759-776.
  6. Angeletos G.-M. (2002), Fiscal Policy with Non - Contingent Debt and the Optimal Maturity Structure, "Quarterly Journal of Economics", No. 117, pp. 1105-1131.
  7. Auerbach A. (2008), "How Much Should We Rely on Fiscal Stimulus" (presentation at the Symposium on fiscal stimulus organized by the Federal Reserve).
  8. Barro R.J. (1974), Are Government Bonds Net Wealth? "Journal of Political Economy", No. 82, pp. 1095-1117.
  9. Barro R.J. (1979), On the Determination of the Public Debt, "Journal of Political Economy", No. 87, pp. 940-971.
  10. Baxter M., King R.G. (1993), Fiscal Policy in General Equilibrium, "American Economic Review", No. 83, pp. 315-334.
  11. Bernanke B., Gertler M. (1989), Agency Costs, Net Worth, and Business Fluctuations, "American Economic Review", No. 79, pp. 14-31.
  12. Bernanke B., Parkinson M. (1989), Unemployment, Inflation, and Wages in the American Depression: Are There Lessons for Europe? "AEA Papers and Proceedings", No. 79, pp. 210-214.
  13. Blanchard O.J. (1985), Debt, Deficits, and Finite Horizons, "Journal of Political Economy" No. 93, pp. 223-247.
  14. Blanchard O.J., Fischer S. (1989), Lectures on Macroeconomics, MIT Press.
  15. Blanchard O.J., Kiyotaki N. (1987), Monopolistic Competition and the Effects of Aggregate Demand, "American Economic Review", No. 77, pp. 647-677.
  16. Blanchard O.J., Perotti R. (2002), An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output, "The Quarterly Journal of Economics", No. 117, pp. 1329-1368.
  17. Blanchard O.J., Summers L. (1986), Hysteresis and the European Unemployment Problem, "NBER Macroeconomics Annual", No. 1, pp. 15-78.
  18. Brock W.A., Evans D.S. (1989), Small Business Economics, "Small Business Economics", No. 1, 1989, pp. 7-20.
  19. Broda C., Parker J. (2008), "The Impact of the 2008 Tax Rebates on Consumer Spending: Preliminary Evidence," Mimeo.
  20. Brown, C.E. (1956), Fiscal Policy in the 'Thirties: A Reappraisal, "The American Economic Review", No. 46, pp. 857-879.
  21. Bryant R., Henderson D., Holtham G., Hooper P., Symansky S. (1988), Empirical Macroeconomics for Interdependent Economies, "Supplemental Volume", The Brookings Institution, Washington, D.C.
  22. Caplin A., Leahy J. (1994), Business as Usual, Market Crashes, and Wisdom After the Fact, "American Economic Review", No. 84, pp. 548-565.
  23. Caplin A., Leahy J. (1993), Sectorial Shocks, Learning and Aggregate Fluctuations, "Review of Economic Studies", No. 60, pp. 777-794.
  24. Christiano L., Eichenbaum M., Rebelo S. (2009), "When is the Government Spending Multiplier Large?", Mimeo, Northwestern University.
  25. Coronado J.L., Lupton J.P, Shiner L.M. (2005), The Household Spending Response to the 2003 Tax Cut: Evidence from Survey Data, "Finance and Economics Discussion Series", No. 32, Federal Reserve Board, Washington, D.C.
  26. Dalsgaard T., Andre C., Richardson P. (2001), Standard Shocks in the OECD Interlink Model, OECD, "Economics Department Working Papers", No. 306.
  27. De Long J.B., Summers L.H. (1988), How Does Macroeconomic Policy Affect Output? "Brookings Papers on Economic Activity", No. 2, pp. 433-480.
  28. Diamond P.A. (1965), National Debt in a Neoclassical Growth Model, American Economic Review", No. 55, pp. 1126-1150.
  29. Dudek M.K. (2006), Stochastic Demands, Fixed Costs and Time Varying Solow Residual (Available at SSRN: http://ssrn.com/abstract = 948679).
  30. Dudek M.K. (2009), On the Effectiveness of Keynesian Policies in General Equilibrium (Available at SSRN: http://ssrn.com/abstract = 1460562).
  31. Eggertsson G.B. (2008), Great Expectations and the End of the Depression, "American Economic Review", No. 98, pp. 1476-1516.
  32. Elmendorf D.W., Furman J. (2008), If, When, How: A Primer on Fiscal Stimulus. The Hamilton Project, Strategy Paper, The Brookings Institution.
  33. Elmendorf D.W., Reifschneider D.L. (2002), Short - Run Effects of Fiscal Policy with Forward - Looking Financial Markets, "National Tax Journal", Vol. LV, pp. 357-386.
  34. Freedman C., Laxton D., Kumhof M. (2008), "Deflation and Countercyclical Fiscal Policy", Mimeo.
  35. Gali J. (1994), Monopolistic Competition, Business Cycles, and the Composition of Aggregate Demand, "Journal of Economic Theory", No. 63, pp. 73-96.
  36. Gali J., López - Salido J.D., Vallés J. (2007), Understanding the Effects of Government Spending on Consumption, "Journal of the European Economics Association", pp. 227-270.
  37. Giavazzi F. and M. Pagano (1990), Can Severe Fiscal Contractions be Expansionary? Tales of Two Small European Countries, "NBER Working Paper", No. 3372.
  38. Giavazzi F., Pagano M. (1996), Non - Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience, "Swedish Economic Policy Review", No. 3, pp. 67-103.
  39. Greenwald B., Stiglitz J.E. (1993), Financial Market Imperfections and Business Cycles, "Quarterly Journal of Economics", No. 108, pp. 77-114.
  40. Hansen A. (1941), Fiscal Policy and Business Cycles, W.W. Norton, New York.
  41. Hellwig C., Lorenzoni G. (2009), Bubbles and Self - Enforcing Debt, "Econometrica", No. 77, pp. 1137-1164.
  42. Henry J., Hernandez de Cos P., Momigliano S. (2004), The Short - Term Impact of Government Budgets on Prices. Evidence from Macroeconometric Models, European Central Bank, "Working Paper Series", No. 396.
  43. Higgs R. (1992), Wartime Prosperity? A Reassessment of the U.S. Economy in the 1940s, "The Journal of Economic History", No. 52, pp. 41-60.
  44. HM Treasury (2003), Fiscal Stabilization and EMU, "Discussion Paper".
  45. International Monetary Fund (2008), World Economic Outlook. Financial Stress, Downturns, and Recoveries, Chapter 5.
  46. Johnson D., Parker J. and Souleles N. (2006), Household Expenditure and the Income Tax Rebates of 2001, "The American Economic Review", No. 96, pp. 1589-1610.
  47. Kashyap A., Stein J. (1995), The Impact of Monetary Policy on Bank Balance Sheets, "Carnegie - Rochester Conference Series on Public Policy", Vol. 42, pp. 151-195.
  48. Lorenzoni G. (2006), A Theory of Demand Shocks, "American Economic Review", forthcoming.
  49. Mankiw N.G., Reis R. (2007), Sticky Information in General Equilibrium, "Journal of the European Economic Association", No. 5, pp. 603-613.
  50. Perotti R. (2006), "Public investment and the Golden Rule: Another (Different) Look," Mimeo.
  51. Person T., Tabellini G. (2002), Political Economics and Public Finance, Handbook of Public Economics, ed. by A. Auerbach and M. Feldstein, North Holland.
  52. Person T., Tabellini G. (2004), Constitutional Rules and Policy Outcomes, "American Economic Review", No. 94, pp. 25-45.
  53. Ramey V. (2008), "Identifying Government Spending Shocks: It's All in the Timing", Mimeo.
  54. Rauchway E. (2008), The Great Depression and the New Deal: A Very Short Introduction, Oxford University Press.
  55. Romer C.D. (1992), What Ended the Great Depression? "The Journal of Economic History", No. 52, pp. 757-784.
  56. Romer C., Romer D. (2008), "The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks," University of California, Berkeley, Mimeo.
  57. Smithies A. (1946), The American Economy in the Thirties, "The American Economic Review", No. 36, pp. 11-27.
  58. Spilimbergo A., Symansky S., Blanchard O.J., Cottarelli C. (2008), Fiscal Policy for the Crisis, "IMF Staff Position Note", December, SPN/08/01.
  59. Studenski P., Krooss H. (1952), A Financial History of the United States, McGraw- -Hill, New York.
  60. Vernon J.R. (1994), World War II Fiscal Policies and the End of the Great Depression, "The Journal of Economic History", No. 54, pp. 850-868.
  61. Werning I. (2006), Optimal Fiscal Policy with Redistribution, "Quarterly Journal of Economics", forthcoming.
  62. Woodford M. (1990), Public Debt as Private Liquidity, "American Economic Review, Papers and Proceedings", No. 80, pp. 382-388.
Cytowane przez
Pokaż
ISSN
0239-6416
Język
eng
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu