Stabilization policy in an open economy

被引：5

作者：

Andersen, TM

Holden, S

机构：

[1] Aarhus Univ, Dept Econ, Sch Econ & Management, DK-8000 Aarhus, Denmark

[2] Univ Oslo, Dept Econ, N-0317 Oslo, Norway

来源：

JOURNAL OF MACROECONOMICS | 2002年 / 24卷 / 03期

关键词：

stabilization policy; fiscal policy; aggregate risk; social insurance;

D O I：

10.1016/S0164-0704(02)00039-3

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The scope for an active demand management policy is considered for a small open economy. Business cycle fluctuations generated by supply and demand shocks are shown to imply welfare losses when agents are risk averse and the capital market incomplete. Public demand for non-tradeables has real effects and there is a welfare case for pursuing a demand management policy which stabilizes consumption. It is argued that this type of stabilization can be attained via automatic stabilizers based on nominal budgeting rules. (C) 2002 Elsevier Science Inc. All rights reserved.

引用

页码：293 / 312

页数：20

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