انحراف مالیات و سیاست نرخ بهره
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|47443||2010||16 صفحه PDF||سفارش دهید||9201 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Macroeconomics, Volume 32, Issue 1, March 2010, Pages 476–491
In a cashless economy with strictly inflation-forecast-targeting interest rate policy, recent research shows that in the presence of distorting taxes, a balanced-budget taxation policy is likely to induce indeterminacy of equilibrium but a debt-targeting one is not, suggesting that short-run budget deficits play a role in stabilizing the economy. The present paper finds that this result is overturned in a monetary economy with flexibly inflation-forecast-targeting interest rate policy. The balanced-budget policy is likely to ensure determinacy together with the flexibly inflation-forecast-targeting policy, but the debt-targeting one may lead to indeterminacy in the monetary economy.