Aggregate Stability and Balanced-Budget Rules

Aggregate Stability and Balanced-Budget Rules
It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by a balanced-budget rule. This paper introduces in an otherwise standard real business cycle model a more general and data coherent... READ MORE...

Publication date: February 2014
ISBN 9781475582291
$18.00

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