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Please use this identifier to cite or link to this item: http://dspace.mediu.edu.my:8181/xmlui/handle/10419/19125
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dc.creatorHeijdra, Ben J.-
dc.creatorLigthart, Jenny E.-
dc.date2006-
dc.date.accessioned2013-10-16T07:03:01Z-
dc.date.available2013-10-16T07:03:01Z-
dc.date.issued2013-10-16-
dc.identifierhttp://hdl.handle.net/10419/19125-
dc.identifierppn:510018335-
dc.identifier.urihttp://koha.mediu.edu.my:8181/xmlui/handle/10419/19125-
dc.descriptionThe paper studies the short-run, transitional, and long-run output effects of permanent and temporary shocks in public consumption under various financing methods. To this end, a dynamic macroeconomic model for a closed economy is developed, which features a perfectly competitive final goods sector and a monopolistically competitive intermediate goods sector. Finitely lived households consume final goods, supply labor, and save part of their income. Amongst the findings for a permanent rise in public consumption are: (i) monopolistic competition increases the absolute value of the balanced-budget output multiplier; (ii) positive long-run output multipliers are obtained only if the generational turnover effect is dominated by the intertemporal labor supply effect; (iii) short-run out- put multipliers under lump-sum tax financing are smaller than long-run output multipliers if labor supply is elastic; and (iv) bond financing reduces the size of long-run output multipliers as compared to lump-sum tax financing and may give rise to non-monotonic adjustment paths if labor supply is sufficiently elastic and the speed of adjustment of lump-sum taxes is not too high. Temporary bondfinanced fiscal shocks are shown to yield: (i) permanent effects on output; and (ii) negative long-run output multipliers.-
dc.languageeng-
dc.publisher-
dc.relationCESifo working papers 1661-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.subjectE12-
dc.subjectL16-
dc.subjectE63-
dc.subjectddc:330-
dc.subjectfiscal policy-
dc.subjectoutput multipliers-
dc.subjectYaari-Blanchard model-
dc.subjectoverlapping generations-
dc.subjectmonopolistic competition-
dc.subjectlove of variety-
dc.subjectFinanzpolitik-
dc.subjectMultiplikator-
dc.subjectMonopolistischer Wettbewerb-
dc.subjectOverlapping Generations-
dc.subjectTheorie-
dc.subjectFinanzierung-
dc.subjectTheorie-
dc.titleFiscal policy, monopolistic competition, and finite lives-
dc.typedoc-type:workingPaper-
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