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  • E21  (1)
  • open economy  (1)
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  • 1
    Electronic Resource
    Electronic Resource
    Relative consumption, economic growth, and taxation (2000)
    Springer
    Journal of economics 72 (2000), S. 241-262 
    Details
    ISSN: 1617-7134
    Keywords: social status ; relative consumption ; economic growth ; D62 ; D91 ; E21 ; E62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper studies the influence of consumption externalities in the Ramsey model. In contrast to the recent literature, a quite general specification of preferences is used and the concept of the effective intertemporal elasticity of substitution is introduced. We give conditions for the observational equivalence between economies with consumption externalities and externality-free economies. An additional key result is that there exist several types of instantaneous utility functions in which the decentralized solution coincides with the socially planned one in spite of the presence of consumption externalities. The conditions for optimal taxation are also derived.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01231266
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  • 2
    Electronic Resource
    Electronic Resource
    The Term Structure of Interest Rates in a Small Open Economy: A Stochastic Analysis (2000)
    Springer
    Open economies review 11 (2000), S. 261-278 
    Details
    ISSN: 1573-708X
    Keywords: open economy ; term structure
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article employs a rational expectations IS-LM model with price adjustment to study the effect of domestic monetary and fiscal policy and world interest rate disturbances on the real and nominal small open economy term structure of interest rates. The impact of both temporary and permanent shocks are investigated. Notable results include the fact that monetary expansions lead to positive yield curves, while the implications of fiscal expansions and increases in the world interest rate depend crucially on the duration of the shock.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008326924208
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