Fiscal devaluations (Record no. 118545)
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fixed length control field | 01573nmm a2200169Ia 4500 |
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
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100 ## - MAIN ENTRY--PERSONAL NAME | |
Personal name | Gopinath, Gita |
245 #0 - TITLE STATEMENT | |
Title | Fiscal devaluations |
260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
Place of publication, distribution, etc. | Bangalore |
260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
Name of publisher, distributor, etc. | Institute for Social and Economic Change |
260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
Date of publication, distribution, etc. | 2012 |
520 ## - SUMMARY, ETC. | |
Abstract | We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a dynamic New Keynesian open economy environment. We perform the analysis under alternative pricing assumptions—producer or local currency pricing, along with nominal wage stickiness; under arbitrary degrees of asset market completeness and for general stochastic sequences of devaluations. There are two types of fiscal policies equivalent to an exchange rate devaluation—one, a uniform increase in import tariff and export subsidy, and two, a value-added tax increase and a uniform payroll tax reduction. When the devaluations are anticipated, these policies need to be supplemented with a consumption tax reduction and an income tax increase. These policies are revenue neutral. In certain cases equivalence requires, in addition, a partial default on foreign bond holders. We discuss the issues of implementation of these policies, in particular, under the circumstances of a currency union. |
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
Topical term or geographic name entry element | Fiscal |
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
Topical term or geographic name entry element | Fiscal develuation |
700 ## - ADDED ENTRY--PERSONAL NAME | |
Personal name | Itskhoki, Oleg |
856 ## - ELECTRONIC LOCATION AND ACCESS | |
Uniform Resource Identifier | <a href="http://203.200.22.249:8080/jspui/handle/123456789/7305">http://203.200.22.249:8080/jspui/handle/123456789/7305</a> |
999 ## - SYSTEM CONTROL NUMBERS (KOHA) | |
Koha biblionumber | 118545 |
Withdrawn status | Lost status | Damaged status | Not for loan | Collection code | Home library | Current library | Date acquired | Total Checkouts | Barcode | Date last seen | Price effective from | Koha item type |
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Working Papers | Dr VKRV Rao Library | Dr VKRV Rao Library | 02/11/2021 | DL7305 | 02/11/2021 | 02/11/2021 | Digital Library |