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A Party Without a Hangover? on the Effects of U. S. Government Deficits

This paper develops a 2-country New Keynesian overlapping generations model suitable for the joint evaluation of monetary and fiscal policies. We show that a permanent increase in U.S. government deficits raises the world real interest rate and significantly increases U.S. current account deficits, especially in the medium- to long-run. A simultaneous increase in non-U.S. savings lowers the world real interest rate and further increases U.S. current account deficits. We show that conventional infinite horizon models are ill-equipped to deal with issues that involve permanent changes in public or private sector savings rates.

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  • "This paper develops a 2-country New Keynesian overlapping generations model suitable for the joint evaluation of monetary and fiscal policies. We show that a permanent increase in U.S. government deficits raises the world real interest rate and significantly increases U.S. current account deficits, especially in the medium- to long-run. A simultaneous increase in non-U.S. savings lowers the world real interest rate and further increases U.S. current account deficits. We show that conventional infinite horizon models are ill-equipped to deal with issues that involve permanent changes in public or private sector savings rates."@en

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  • "Electronic books"

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  • "A Party Without a Hangover? on the Effects of U. S. Government Deficits"@en
  • "A party without a hangover? : effects of U.S. government deficits"
  • "A Party without a Hangover? On the Effects of U.S. Government Deficits /cLaxton, Douglas"@en
  • "A Party without a Hangover? On the Effects of U.S. Government Deficits"
  • "A party without a hangover? on the effects of U.S. government deficits"
  • "A party without a hangover? on the effects of U.S. government deficits"@en
  • "A party without a hangover? : on the effects of U.S. government deficits"
  • "A party without a hangover? : on the effects of U.S. government deficits"@en