Journal ArticleOpen Economies Review · September 1, 2008
The implications of private information regarding a worker's skills for optimal tax policy in an open economy are explored. Two cases are considered. In one general skills are private information and in the other sector-specific skills are private informat ...
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Journal ArticleJournal of Monetary Economics · November 1, 2006
A classic monetary policy result is that revenue maximization entails setting the inflation tax rate equal to the inverse of the interest semi-elasticity of the demand for money. The standard approach underlying "Cagan's rule" is partial equilibrium in nat ...
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Journal ArticleJournal of International Money and Finance · January 1, 1993
The literature on strategic policy interactions has focused on the implications of alternative strategic policy interactions, cooperative versus noncooperative, for equilibrium macroeconomic policies given the state of the world economy. This paper asks ho ...
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Journal ArticleEconomics Letters · January 1, 1992
This paper examines the time series properties of average tariff rates for Denmark, France, Sweden, Switzerland, and the United Kingdom. For all five countries the tariff series contains a unit root. However, a complete description of the tariff rate serie ...
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Journal ArticleCanadian Journal of Economics · January 1, 1992
The Ricardian model with a continuum of goods is extended to a cash-in-advance environment with variable labour supply, which allows domestic monetary policy to influence real activity through an inflation tax channel and to be internationally transmitted ...
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Journal ArticleJournal of Macroeconomics · January 1, 1992
The effects of an anticipated speculative attack and exchange rate regime collapse brought on by an unsustainable mix of domestic credit and exchange rate policies is examined. A maximizing model with money demand motivated by a transactions technology whi ...
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Journal ArticleJournal of Macroeconomics · January 1, 1992
This paper develops and tests a public finance theory of tariff behavior. Tariffs are viewed as being part of the optimum revenue raising tax package so that tariff revenue is closely tied to government spending. A key implication of the theory is that tar ...
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Journal ArticleJournal of Economic Dynamics and Control · January 1, 1991
This paper examines the role of the inflation tax in the optimal revenue-raising tax package for a small open economy where money is held because it serves to reduce transacttions costs associated with purchasing goods. Consumers choose whether domestic mo ...
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Journal ArticleJournal of International Economics · January 1, 1989
A two-commodity intertemporal framework is used to show that, in contrast to the conventional wisdom, both permanent and temporary tariffs may worsen the trade balance of a large country. For a temporary tariff the key condition for this result is a low in ...
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Journal ArticleJournal of Macroeconomics · January 1, 1989
The problem of optimal taxation when the government must levy distorting taxes to meet its revenue needs is considered for a monetary economy with financial intermediaries. In contrast to most other studies of optimal taxation in a monetary economy, money ...
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Journal ArticleJournal of Development Economics · January 1, 1987
An investigation of the impact of foreign exchange controls in a black market economy is undertaken within the context of a choice-theoretic cash-in-advance general equilibrium model. While such controls may improve a 'distortion-free' economy's trade bala ...
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Journal ArticleJournal of Monetary Economics · January 1, 1986
This paper examines optimal tax policy in a monetary economy in which money serves as an intermediate good that helps facilitate the conversion of scarce resources into final consumption goods by enabling consumers to economize on the costs of transacting. ...
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Journal ArticleJournal of International Economics · January 1, 1985
The effects of tariffs and quotas on welfare in a monetary economy are considered. It is shown that while both policies improve the balance of payments they have different lifetime welfare implications even when they are equivalent in the long run. The spe ...
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Journal ArticleJournal of Macroeconomics · January 1, 1985
The world economy has been subjected to numerous real shocks in recent years. In addition, purchasing-power parity seems to have collapsed. Critics of the monetary approach to the exchange rate have been quick to draw attention to these facts. This paper e ...
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Journal ArticleJournal of Monetary Economics · January 1, 1985
It has recently been argued that when differentially informed agents trade with one another monetary policy can influence the distribution of output by altering the information content of prices. This paper introduces a futures market into the Barro (1980) ...
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Journal ArticleJournal of International Money and Finance · January 1, 1985
This paper examines the effects of permanent and transitory changes in government purchases in the context of a model of a small open economy that produces and consumes both traded and nontraded goods. The model incorporates an equilibrium interpretation o ...
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Journal ArticleJournal of International Money and Finance · January 1, 1983
When the exchange rate is flexible, and thus responds to market forces, it provides agents with useful information, while when it is fixed (by a feedback rule) it does not. The implications of this asymmetry for the stability of real output under the two r ...
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Journal ArticleJournal of Monetary Economics · January 1, 1983
Since the advent of managed floating it has come to be accepted as a stylized fact that short-run deviations from purchasing power parity are both substantial and persistent. Two explanations of these deviations have been advanced in the literature. One em ...
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Journal ArticleJournal of International Money and Finance · January 1, 1983
This paper develops a model of a small open economy in which the presence of local deviations from purchasing power parity give rise to differential information. It is assumed that the monetary authorities are committed to buy and sell foreign exchange in ...
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Journal ArticleJournal of International Economics · January 1, 1982
This paper examines the effects of an unanticipated tariff on the current account and the exchange rate. It is demonstrated that if nontraded goods and importables are substitutes (complements) in excess demand, the imposition of a tariff will (may) lead t ...
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