Fiscal devaluations (Record no. 118545)

MARC details
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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
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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