Aggregate Stability and Balanced-Budget Rules /
It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by a balanced-budget rule. This paper introduces in an otherwise standard real business c...
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| 格式: | 雜誌 |
| 語言: | English |
| 出版: |
Washington, D.C. :
International Monetary Fund,
2014.
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| 叢編: | IMF Working Papers; Working Paper ;
No. 2014/023 |
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| 在線閱讀: | Full text available on IMF |