Fiscal Policies and Growth in the World Economy / Edition 3

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Overview

Covering a full array of topics in open economy macro and public economics, Fiscal
Policies and Growth in the World Economy has been thoroughly revised and extended. The added material in this new edition includes stochastic rational-expectations extensions of the
Mundell-Fleming model, the development of a dynamic-optimizing approach of the trade balance, and an entirely new part on issues of international economic convergence, which also contains a comprehensive policy overview.Other chapters have been updated or reorganized, and there is a brief guide to solving typical dynamic macro problems along with a printout of software suitable for numerical simulations. A companion diskette containing solutions in dynamic macro problems and some sample programs is available in GAUSS for IBM. The exercises and solutions manual by Krueger, Ostry,
and Yuen has also been updated and extended.Fiscal Policies and Growth in the World Economy has been used successfully in graduate and senior undergraduate courses in international economics and public finance. The objective of this new edition remains the same as before: to treat the major topics in macro and public economics using both traditional and modern approaches. The traditional approach is first explained, from the simple income-expenditure model to the more advanced stochastic
Mundell-Fleming model. The modern intertemporal approach is then presented, starting with the simple two-period model and extending it to a full-fledged dynamic model. Other sections review recent developments in the world economy; government spending, budget deficits, and differences across international taxation; and economic growth in the world economy, especially the convergence of income and growth levels across countries.

The MIT Press

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Product Details

  • ISBN-13: 9780262561044
  • Publisher: MIT Press
  • Publication date: 10/1/1996
  • Edition description: third edition
  • Edition number: 3
  • Pages: 663
  • Product dimensions: 5.90 (w) x 9.00 (h) x 1.40 (d)

Meet the Author

Jacob A. Frenkel is Director of Research and Economic Counselor at the International Monetary
Fund and a Research Associate at the National Bureau of Economic Research.
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Table of Contents

Preface to the Second Edition
Preface to the First Edition
I Prologue
1 Stylized Facts on Fiscal Policies and International Economic Interdependence 1
II Traditional Approaches to Fiscal Policies and International Economic Interdependence 17
2 The Income-Expenditure Model: Fiscal Policies and the Determination of Output 19
3 Fiscal Policies and International Capital Mobility in the Income-Expenditure Model 49
Problems 103
III Elements of Intertemporal Macroeconomics 109
4 The Composite-Commodity World 111
5 The Multiple-Good World 137
Problems 151
IV An Intertemporal Approach to Fiscal Policies in the World Economy 159
6 Government Spending 161
7 Budget Deficits with Nondistortionary Taxes: The Pure Wealth Effect 195
8 An Exposition of the Two-Country Overlapping-Generations Model 219
V Distortionary Tax Incentives: Concepts and Applications 255
9 Equivalence Relations in International Taxation 257
10 Budget Deficits with Distortionary Taxes 277
11 Fiscal Policies and the Real Exchange Rate 291
12 Capital Income Taxation in the Open Economy 315
Problems 325
VI Stochastic Fiscal Policies 331
13 International Stock Markets and Fiscal Policy 333
Problems 348
VII International Spillovers of Tax Policies: A Simulation Analysis 353
14 Spillover Effects of International VAT Harmonization 355
15 Spillover Effects of Budget Deficits 391
VIII Epilogue 397
16 Analytical Overview 399
17 Bibliographical Notes 419
Index 449
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