Journal title
PSL Quarterly Review

   
ARTICLE
TITLE

The limited role of fiscal policy in an open economy

SUMMARY

The paper imposes the workings of the labor market on open-economy models of fiscal policy under fixed and under flexible exchange rates. The author then reexamines the conventional conclusion that fiscal policy is fully effective under fixed rates, but is fully offset under floating rates. For this purpose “fiscal policy” is an increase in government expenditures or a reduction in taxation covered by the issue of non-monetary debt that either domestic nationals or foreigners are eligible to buy. JEL: E62, E42

PAGES
COLLECTIONS
Economy

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