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  • Macroeconomic Policy in an Output - Expenditure Model

    Author(s)
    Makin, AJ
    Griffith University Author(s)
    Makin, Tony J.
    Year published
    2001
    Metadata
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    Abstract
    This paper proposes an alternative framework for examining the international macroeconomic impact of domestic monetary and fiscal policies and focuses on the distinction between national spending and national production and the reactive behavior of foreign investors to changing external account balances. It demonstrates that under a floating exchange rate regime, monetary and fiscal policies can affect aggregate expenditure and output quite differently, with important implications for the behavior of the exchange rate, the current account balance, and national income in the short run, as well as the economy's price level in ...
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    This paper proposes an alternative framework for examining the international macroeconomic impact of domestic monetary and fiscal policies and focuses on the distinction between national spending and national production and the reactive behavior of foreign investors to changing external account balances. It demonstrates that under a floating exchange rate regime, monetary and fiscal policies can affect aggregate expenditure and output quite differently, with important implications for the behavior of the exchange rate, the current account balance, and national income in the short run, as well as the economy's price level in the long run. In particular, this paper predicts that expansionary monetary and fiscal policies tend to depreciate the currency and only temporarily raise gross domestic product and the current account surplus, although permanently raise the domestic price level.
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    Journal Title
    International Advances in Economic Research
    Volume
    7
    Issue
    3
    DOI
    https://doi.org/10.1007/BF02295402
    Subject
    Economics
    Publication URI
    http://hdl.handle.net/10072/58828
    Collection
    • Journal articles

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