Polityka budżetowa w warunkach Unii Monetarnej w świetle neoklasycznego modelu wzrostu gospodarczego

• Autorzy: Michał Konopczyński

Warianty tytułu

Fiscal Policy in the EMU from the Perspective of the Neoclassical Growth Model

• Języki publikacji: PL

Abstrakty

W artykule przedstawiono wpływ polityki fiskalnej na kondycję gospodarki w długim okresie, w warunkach unii gospodarczej i walutowej (UGW). Przeanalizowano neoklasyczny model wzrostu małego kraju (w sensie gospodarczym), należącego do UGW. Model ten jest oparty na założeniach typowych dla Europejskiej Unii Monetarnej (EMU).

EN

We examine the long-run impact of fiscal policy on the economy under conditions of the Economic and Monetary Union (EMU). For that purpose we analyze the neoclassical growth model of a hypothetical small open economy in a monetary union. The model is based on assumptions typical for the EMU. However, after minor modifications it can be applied to any small economy in any (existing, past or future) monetary union. Hence the results are universal. Fundamental assumptions are perfect capital mobility resulting in uniform interest rates across monetary union, and perfect mobility of commodities leading to price level convergence. The model is based on standard neoclassical assumptions, i.e. output is determined by the Cobb-Douglas production function with Harrod-neutral technical progress and constant returns to scale, capital and labor receive their marginal products, etc. We show that the unique long-run equilibrium exists and is characterized by the so-called natural rate of growth. The necessary and sufficient conditions of its global asymptotic stability form the system of three non-trivial inequalities. We argue that in real, existing economies these conditions are satisfied, except perhaps for very short periods of time. This thesis is supported by numerical simulations. We also show that the golden rules" of fiscal policy have the form of the alternative - optimal policy crucially depends on the relation between the real interest rate and the natural growth rate and on the relation between five other independent parameters. Finally, we analyze transitory dynamics of the model. (original abstract)

Słowa kluczowe

PL

Ekonomia matematyczna; Polityka pieniężna państwa; Budżet państwa; Unia Gospodarcza i Walutowa (UGW); Model wzrostu gospodarczego; Równowaga gospodarcza; Mała gospodarka otwarta

EN

Mathematical economics; State monetary policy; State budget; Economic and Monetary Union (EMU); Economic growth model; Economic equilibrium; Small open economy

• Czasopismo: Zeszyty Naukowe / Akademia Ekonomiczna w Poznaniu
• Rocznik: 2006
• Numer: nr 78
• Strony: 53--81

Twórcy

autor

Michał Konopczyński

Bibliografia

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