dc.contributor.author | Murray, S | |
dc.date.accessioned | 2014-04-25T09:23:16Z | |
dc.date.available | 2014-04-25T09:23:16Z | |
dc.date.issued | 1980 | |
dc.identifier.citation | S Murray, 'Macroeconomic policy in a small open-economy when government budget deficits are financed by printing money', Economic and Social Research Institute, Economic and Social Review, Vol.12 (Issue 1), 1980, 1980, pp1-15 | |
dc.identifier.issn | 0012-9984 | |
dc.identifier.uri | http://hdl.handle.net/2262/69050 | |
dc.description.abstract | This paper presents a dynamic macroeconomic model of a small open economy (SOE) in which government budget deficits are financed by printing money, the dynamics arising from a stock-adjustment approach to capital movements and the government's budget constraint. Stability conditions and the medium-term policy multipliers are derived. Fiscal policy raises income in the medium run but an expansionary monetary policy by open market operations (resulting in a fall in the parametric bond stock) reduces income. There are some striking symmetries between fiscal and monetary policies: a one-unit increase in government spending has exactly the same effect on steady-state income, the money stock, and the total bond stock, as a one-unit rise in the stock of government bond. | |
dc.language.iso | en | |
dc.publisher | Economic & Social Studies | |
dc.relation.ispartofseries | Economic and Social Review | |
dc.relation.ispartofseries | Vol.12 (Issue 1), 1980 | |
dc.subject | Small open economies (SOE) | |
dc.subject | Ireland | |
dc.title | Macroeconomic policy in a small open-economy when government budget deficits are financed by printing money | |
dc.type | Journal Article | |
dc.status.refereed | Yes | |
dc.publisher.place | DUBLIN | |
dc.rights.ecaccessrights | OpenAccess | |
dc.format.extentpagination | pp1-15 | |