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Fiscal policy and fluctuations in a monetary model of growth

Bosi S.
•
Magris F.
2005
  • journal article

Periodico
RESEARCH IN ECONOMICS
Abstract
We consider an infinite horizon economy with representative agent, aggregate externalities on capital/labor ratio and liquidity constraint on income taxes. We show that the stationary rate of growth can be indeterminate for a wide range of elasticities of intertemporal substitution in consumption. Such a range is bounded from below by a value undergoing a saddle node bifurcation and from above by a value giving raise to a flip bifurcation. It follows that both multiple stationary rates of growth and cycles may emerge. In addition, we carry out a welfare analysis in terms of the optimal level of taxation, since public spending affects consumer's utility, although in a separable way.
DOI
10.1016/j.rie.2005.04.007
Archivio
http://hdl.handle.net/11368/2967223
info:eu-repo/semantics/altIdentifier/scopus/2-s2.0-20044387264
Diritti
metadata only access
Soggetti
  • Economic growth

  • Fiscal policy

  • Income taxes

Scopus© citazioni
0
Data di acquisizione
Jun 7, 2022
Vedi dettagli
Visualizzazioni
5
Data di acquisizione
Apr 19, 2024
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