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|c 5.00 USD
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|z 9781451867664
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Laxton, Douglas.
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|a A Party without a Hangover? :
|b On the Effects of U.S. Government Deficits /
|c Douglas Laxton, Michael Kumhof.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2007.
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|a 1 online resource (38 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper develops a 2-country New Keynesian overlapping generations model suitable for the joint evaluation of monetary and fiscal policies. We show that a permanent increase in U.S. government deficits raises the world real interest rate and significantly increases U.S. current account deficits, especially in the medium- to long-run. A simultaneous increase in non-U.S. savings lowers the world real interest rate and further increases U.S. current account deficits. We show that conventional infinite horizon models are ill-equipped to deal with issues that involve permanent changes in public or private sector savings rates.
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|a Mode of access: Internet
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|a Kumhof, Michael.
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|a IMF Working Papers; Working Paper ;
|v No. 2007/202
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2007/202/001.2007.issue-202-en.xml
|z IMF e-Library
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