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dc.contributor.authorMakin, Tonyen_US
dc.contributor.editorProfessor Daniel Leonarden_US
dc.date.accessioned2017-04-24T09:17:23Z
dc.date.available2017-04-24T09:17:23Z
dc.date.issued2007en_US
dc.date.modified2008-04-13T23:26:29Z
dc.identifier.issn0004900Xen_US
dc.identifier.urihttp://hdl.handle.net/10072/17484
dc.description.abstractThis paper develops an alternative international macroeconomic model for evaluating the effectiveness of fiscal and monetary policy in stabilizing national income under fixed and floating exchange rates. It encompasses national output and income, saving, investment, the current account, interest rates and the money supply, while incorporating long-recognised linkages between the exchange rate, price levels and real interest rates, consistent with conventional international parity conditions. It concludes that the exchange rate regime is ultimately not a critical determinant of the effectiveness of fiscal and monetary policy. Importantly, it predicts that fiscal expansion in the form of reduced public saving is counterproductive as a means of stabilising national income, irrespective of exchange rate choice. Contrary to standard international macroeconomic theory, the model implies that fiscal consolidation strengthens the balance of payments, exchange rates and national income.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_AU
dc.languageEnglishen_US
dc.language.isoen_AU
dc.publisherBlackwell Publishing Ltden_US
dc.publisher.placeAustraliaen_US
dc.relation.ispartofstudentpublicationNen_AU
dc.relation.ispartofpagefrom348en_US
dc.relation.ispartofpageto359en_US
dc.relation.ispartofissue4en_US
dc.relation.ispartofjournalAustralian Economic Papersen_US
dc.relation.ispartofvolume46en_US
dc.rights.retentionYen_AU
dc.subject.fieldofresearchcode340102en_US
dc.titleRe-examining the Effectiveness of Stabilisation Policyen_US
dc.typeJournal articleen_US
dc.type.descriptionC1 - Peer Reviewed (HERDC)en_US
dc.type.codeC - Journal Articlesen_US
gro.facultyGriffith Business School, Department of Accounting, Finance and Economicsen_US
gro.date.issued2007
gro.hasfulltextNo Full Text


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