On the Effectiveness of Keynesian Policies in General Equilibrium

• Autorzy: Maciej K. Dudek
• Języki publikacji: EN

Abstrakty

EN

In a general equilibrium model with fully rational agents and built - in micro - level uncertainty we show that debt - financed government spending on consumption can be welfare improving at all horizons despite the fact that it inhibits the process of physical capital formation. In addition, we show that the impact of a direct demand stimulus is likely to be more pronounced than the impact of a tax cut on economic activity. Finally, we argue that monetary policy is less effective during recessions than expansions. Our findings are consistent with Keynes's view that recessions should be fought with fiscal policy rather than monetary policy, and provide rationale for the concept of liquidity trap. (original abstract)

W modelu równowagi ogólnej z racjonalnymi w pełni podmiotami i wbudowanymi niedoskonałościami informacyjnymi na poziomie mikro pokazano, że wydatki rządowe finansowane poprzez emisję obligacji mogą poprawiać dobrobyt we wszystkich horyzontach czasowych pomimo ich negatywnego wpływu na proces formowania kapitału fizycznego. Dodatkowo wskazano, że bezpośrednie wydatkowanie przez rząd ma większy wpływ na aktywność ekonomiczną aniżeli cięcia podatkowe. Ponadto zaprezentowano, że polityka monetarna jest mniej efektywna w okresie recesji aniżeli ekspansji. Przedstawiane wyniki są zgodne z poglądami Keynesa, iż recesje powinny być zwalczane za pomocą polityki fiskalnej, a nie za pomocą polityki pieniężnej oraz motywują istnienie pułapki płynnościowej.(abstrakt oryginalny)

Słowa kluczowe

EN

Keynesian theory; Computable General Equilibrium model (CGE); Budget expenditures; Fiscal policy

PL

Keynesizm; Obliczeniowy model równowagi ogólnej; Wydatki budżetowe; Polityka fiskalna

• Czasopismo: Studia Ekonomiczne / Polska Akademia Nauk. Instytut Nauk Ekonomicznych
• Rocznik: 2011
• Numer: nr 2 (69)
• Strony: 113--147

Twórcy

autor

Maciej K. Dudek

• Polska Akademia Nauk; Szkoła Główna Handlowa w Warszawie

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