Showing papers by "Jeremy Greenwood published in 1985"
TL;DR: The authors consider the positive and normative aspects of government tax and spending changes, and conclude that such policy actions will be capable of altering real economic outcomes in a welfare-enhancing manner.
108 citations
TL;DR: The welfare aspects of dual exchange rate systems are analyzed in this paper, where the requirement that domestic financial transactions with the rest of the world be undertaken at a special foreign exchange rate is found to be equivalent to levying a tariff on this class of international transactions.
82 citations
TL;DR: Greenwood and Kimbrough as mentioned in this paper employed an intertemporal utility maximization framework to model a world economy with capital controls and examined the effects of fiscal policy in such an environment.
Abstract: An intertemporal utility maximization framework is employed to model a world economy with capital controls. The effects of fiscal policy in such an environment are examined. Several results emerge concerning the international transmission of fiscal policy under capital controls and the nature of comovements in macro-economic aggregates such as output, employment, consumption, and investment. Some of the paper's other results concern the implications of capital controls for Ricardian equivalence, the role of financing decisions in the international transmission process under capital controls, and the effect of capital controls on the magnitude of fiscal-induced fluctuations throughout the world economy. Contr6les des mouvements de capitaux et politique fiscale dans l'conomie mondiale. Les auteurs utilisent une approche par la maximisation intertemporelle de l'utilite pour modeliser une economie mondiale dans laquelle des controles sur les mouvements de capitaux existent. Ils examinent les effets de la politique fiscale dans un tel contexte. On tire de ces analyses plusieurs resultats quant i la transmission internationale des effets de la politique fiscale et quant aux mouvements lies de certains agregats economiques comme les niveaux de production, d'emploi, de consommation et d'investissement. Certains autres resultats de cette analyse ont trait aux implications des controles des mouvements de capitaux sur l1'quivalence ricardienne, au role des decisions de financement dans le processus international de transmission quand il y a controle des mouvements de capitaux, et aux effets des controles sur les mouvements de capitaux sur la magnitude des fluctuations induites A travers l'economie mondiale par la politique fiscale. Helpful comments from two anonymous referees are gratefully acknowledged. Discussion in workshops held at UCLA, Duke University, Iowa State University, Queen's University, Vanderbilt University, VPi, and the University of Western Ontario has also been useful. Canadian Journal of Economics Revue canadienine d'Economique, XVIII, No. 4 November novembre 1985. Printed in Canada Imprime au Canada 0008-4085 / 85 / 743-65 $1.50 ? Canadian Economics Association This content downloaded from 207.46.13.129 on Mon, 27 Jun 2016 05:25:03 UTC All use subject to http://about.jstor.org/terms 744 Jeremy Greenwood and Kent P. Kimbrough
55 citations
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TL;DR: Greenwood and Kimbrough as mentioned in this paper employed an intertemporal utility maximization framework to model a world economy with capital controls and examined the effects of fiscal policy in such an environment.
Abstract: An intertemporal utility maximization framework is employed to model a world economy with capital controls. The effects of fiscal policy in such an environment are examined. Several results emerge concerning the international transmission of fiscal policy under capital controls and the nature of comovements in macro-economic aggregates such as output, employment, consumption, and investment. Some of the paper's other results concern the implications of capital controls for Ricardian equivalence, the role of financing decisions in the international transmission process under capital controls, and the effect of capital controls on the magnitude of fiscal-induced fluctuations throughout the world economy. Contr6les des mouvements de capitaux et politique fiscale dans l'conomie mondiale. Les auteurs utilisent une approche par la maximisation intertemporelle de l'utilite pour modeliser une economie mondiale dans laquelle des controles sur les mouvements de capitaux existent. Ils examinent les effets de la politique fiscale dans un tel contexte. On tire de ces analyses plusieurs resultats quant i la transmission internationale des effets de la politique fiscale et quant aux mouvements lies de certains agregats economiques comme les niveaux de production, d'emploi, de consommation et d'investissement. Certains autres resultats de cette analyse ont trait aux implications des controles des mouvements de capitaux sur l1'quivalence ricardienne, au role des decisions de financement dans le processus international de transmission quand il y a controle des mouvements de capitaux, et aux effets des controles sur les mouvements de capitaux sur la magnitude des fluctuations induites A travers l'economie mondiale par la politique fiscale. Helpful comments from two anonymous referees are gratefully acknowledged. Discussion in workshops held at UCLA, Duke University, Iowa State University, Queen's University, Vanderbilt University, VPi, and the University of Western Ontario has also been useful. Canadian Journal of Economics Revue canadienine d'Economique, XVIII, No. 4 November novembre 1985. Printed in Canada Imprime au Canada 0008-4085 / 85 / 743-65 $1.50 ? Canadian Economics Association This content downloaded from 207.46.13.129 on Mon, 27 Jun 2016 05:25:03 UTC All use subject to http://about.jstor.org/terms 744 Jeremy Greenwood and Kent P. Kimbrough
2 citations