Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/71250
Authors: 
Fisher, Walter H.
Bianconi, Marcelo
Year of Publication: 
2001
Series/Report no.: 
Reihe Ökonomie / Economics Series, Institut für Höhere Studien (IHS) 96
Abstract: 
This paper analyzes the role of nominal assets in ranking intertemporal budget policies in a growing open economy. The budget policies are ranked in terms of the public's intertemporal stock of tax liabilities. Our main result is that, in a small open economy, the valuation of private and public assets is in terms of the exogenous foreign price level under purchasing power parity. This constraint limits the scope of government to influence the real value of assets using fiscal and monetary policy shocks.
Subjects: 
government budget
taxation
nominal assets
current account
JEL: 
E5
E6
F4
Document Type: 
Working Paper

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