Fiscal Policy in Classical and Keynesian Open Economies
Klaus Schmidt-Hebbel · Luis Serven
Jan 1994 · World Bank Publications
Ebook
47
Pages
About this ebook
In this model of classical and Keynesian open economies, both permanent and transitory disturbances cause changes in long- run output and capacity - and transitory and permanent shocks may have opposite effects on the current account. In the Keynesian economy, money- financed fiscal expansion causes real exchange rate depreciation; and non-money- financed fiscal expansion, appreciation.
In this model of classical and Keynesian open economies, both permanent and transitory disturbances cause changes in long- run output and capacity - and transitory and permanent shocks may have opposite effects on the current account. In the Keynesian economy, money- financed fiscal expansion cau...
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