ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1970.tb02541.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

SUMMARYThe paper discusses the use of fiscal policy as a tool of economic stabilization in seven OECD countries since the mid‐fifties. It draws on a recent empirical study, with attached fiscal policy recommendations, made by an expert group within the OECD, in which the author was a member.The method of analysis in the paper is to compare on one hand the ‘direct’ impact on aggregate demand of fiscal policy changes with on the other hand the timing of the business cycle. Among the countries included in the study, the U. K. and Sweden seem to have most systematically tried fiscal policy as an instrument of economic stabilization. It seems quite clear that the policy in the U. K. has been rather unsuccessful against the background of domestic economic conditions, whereas the experiences in Sweden are considerably more promising. In other countries fiscal policy has been used at particular occasions for economic stabilization, such as in Germany and Belgium during some periods with tendencies to recessions (1958 and 1962), in the U. S. to move the economy closer to full capacity utilization (1964‐65) and at several occasions in various countries as part of a policy package to avoid balance of payments crises.It does not seem that forecasting mistakes have been the main obstacle to a more efficient stabilization policy. Time lags in the decision‐making procedure, as well as lack of determination and firmness in policy, seem to have been more important obstacles. Another important complication has been conflicts of goals. Sometimes the policy has been more geared to the external than to the internal economic situation. At other times when the policy has been directed to influence the development of prices, unemployment problems have arisen, particularly as the price variable usually seems to lag the business cycle of the volume components. There has also been a tendency to let the expansionary actions during recessions last too long a time, thereby giving the next boom a ‘fl

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1970.tb02542.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

SUMMARYThere are numerous devices which are used to affect individuals' consumptions of various goods—direct distributions of goods, vouchers, price‐reductions, etc. This paper investigates the efficiency aspects of these devices. In a simple two‐person model, it is shown that lumpsum transfers of a good whose consumption yields external benefits will lead to neither optimality nor equilibrium. But a price cut, an alteration of exchange ratios, can produce an optimal equilibrium. In a model in which there is one subsidy recipient and many benefactors, it is shown that in certain cases a transfer of the externality‐generating good, of an equal amount of money, or of some other good will all produce the same effect in the individual's consumption of the externality‐generating good. A price reduction on an ‘all‐or‐nothing’ subsidy scheme, in which the individual must pay a given amount for a given quality of the good or receive none at all, will lead to optimality. When there are many givers and many receivers, an efficient subsidy device will in general not be one which faces all individuals with the same conditions. Price reductions, all‐or‐nothing schemes, and legal standards are shown to be alternate ways of reaching optimality, differing mainly in the way in which they affect the distri

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1970.tb02543.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

SUMMARYThe paper analyzes the effect of inflation on interest rates in the context of economic growth. It is well known that in a stationary economy inflation will result in an upward adjustment in the nominal rate of interest on bonds, but by less than the rate of inflation. To the substitution effects operating under stationary conditions economic growth adds income effects. These will generally reduce the adjustment on interest rates and may, in exceptional cases, even produce a fall in the (nominal) bond rate. This is because inflation, by stimulating capital formation, may increase real income which, depending on the income elasticity of the demand for different assets, stimulates the demand for bonds. The exceptional case may materialize even under stable conditions. The analysis is based on a model of balanced growth with stock demand functions for capital goods, bonds and cash balances, while money is issued by the government in purchasing goods and services.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1970.tb02544.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

SUMMARYIn this paper a simple macro‐model of an open economy is presented in order to investigate the relationship between the trade balance and the interest rate. It is shown that under certain conditions the model generates a lag relationship between the two variables. This is consistent with the relationship which JÜrgNiehansfound to exist between the Swiss trade balance and its interest rate.With interest‐rate sensitive capital movements introduced into the model, fluctuations in the balance of payments can be greater or less than fluctuations in the balance of trade. It is interesting to note that in the case where an internal balance is maintained with a monetary policy fluctuations in the balance of payments are greater than in the case where an internal balance is maintained with a fiscal policy. This conclusion is consistent with Mundell'sprescription for an optimal mix of monetary and fiscal po

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1970.tb02545.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

SUMMARYRecent discussions in the literature on tariffs and quotas generally conclude that under competitive market conditions the two policy measures are equivalent, while equivalence in one sense or another breaks down with the introduction of monopoly into one or more markets involved in international trade. This paper shows that this is a misleading conclusion, based entirely on the static nature of the analysis. With partial equilibrium tools it is shown that if changes in demand are allowed for, the two measures give different results. The welfare loss from a quota is more severe than that from a tariff. And under certain restricted conditions a quota can be likened more to exchange control than to a tariff.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1970.tb02546.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

SUMMARYThe goals expressed in theBundesraumordnungsgesetz(Federal Law for Spatial Order) are almost ‘Leerformeln’, too abstract to serve as an orientation for rational decisions in regional policy. Therefore the goals have to be made operational, and at the same time, the objects of regional policy, the criteria for their evaluation, and their quantitative regional aspects (categories of regions) have to be worked out within a consistent system. In the view of lacking preconditions for this task it is proposed to draw orientation from specific problems by fixing unwanted situations. Their summary within a catalogue of negative situations marks the goals of regional policy by their reciprocal values. This approach will incrementally lead towards a complete conc

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1970.tb02548.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1970.tb02549.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1970.tb02550.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1970.tb02551.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY