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Golden Rule (fiscal policy)
About: Golden Rule (fiscal policy) is a research topic. Over the lifetime, 661 publications have been published within this topic receiving 9789 citations.
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TL;DR: In this article, the interaction between monetary and fiscal policies in a Ramsey-Sidrauski model augmented with environmental capital is studied through the Green Golden Rule, and the equilibrium solutions are studied through equilibrium solutions through the “Green Golden Rule.
Abstract: We study the interaction between monetary and fiscal policies in a Ramsey-Sidrauski model augmented with environmental capital. Equilibrium solutions are studied through the “Green Golden Rule”. Despite the non-separability of money in utility and intertemporally non-separable preferences, money is environmentally neutral. Policy impacts the environment via the marginal rate of transformation rather than the marginal rate of substitution between consumption and environment. Fiscal policies, lump sum and distortionary, under a balanced budget, are also environmentally non-neutral. Only under a non-balanced budget, when deficits are monetized, is money environmentally non-neutral. In alternative approaches (Cash-in-Advance, Transactions Costs), money is environmentally non-neutral.
5 citations
01 Jan 1995
TL;DR: Economy and Interest as mentioned in this paper was the result of an intense effort of reflexion pursued by Maurice Allais on economic theory after the publication in 1943 of the work first entiteld ‘In search of an economic discipline' which later became the Treatise on Pure Economics.
Abstract: Economy and Interest1 published in 1947, was the result of an intense effort of reflexion pursued by Maurice Allais on economic theory after the publication in 1943 of the work first entiteld ‘In search of an economic discipline’ which later became the Treatise on Pure Economics2.
4 citations
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01 Jan 2001TL;DR: In this article, a non-scale growth model with learning-by-doing is proposed, in which the external effects of learning by doing can be internalized by the steady state tax cum subsidy policy implied by a decentralized dynamic optimization approach.
Abstract: A simple rule of thumb which has been successfully used in the basic neoclassical growth model as an alternative to the unstable dynamic optimization solution is shown to be more generally applicable in a non-scale growth model with learning by doing. The model is formulated in accordance with empirical regularities about learning by doing and shown to generate the stylized facts about economic growth reasonably well. The external effects of learning by doing can be internalized by the steady state tax cum subsidy policy implied by a decentralized dynamic optimization approach.
4 citations
TL;DR: The CoED Foundation is a charity founded in England in 2014, but with international collaborators as mentioned in this paper, which is based on the Cohesion, Equality and Diversity (CoED) principle.
Abstract: Maurice Coles is the CEO of the CoED Foundation, a charity founded in England in 2014, but with international collaborators. The Foundation’s name is compounded from Cohesion, Equality and Diversit...
4 citations