English, Article edition: BALANCED BUDGETS: ECONOMIC NIRVANA OR FISCAL CHAOS? RICHARD H. DAY

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Physical Description
  • article
Language
  • English

Edition details

Title
  • BALANCED BUDGETS: ECONOMIC NIRVANA OR FISCAL CHAOS?
Author
  • RICHARD H. DAY
Physical Description
  • article
Notes
  • This paper investigates the effect of a pay-as-you-go, balanced budget policy on macroeconomic performance. It uses a simple model of the aggregate demand for money and goods, with temporary monetary equilibrium and quantity adjustments on goods markets. Within this framework, if the monetary/​real interaction is strong enough, a balanced budget with sufficiently high tax rates (≡ sufficiently high government expenditures) is consistent with typical bounded fluctuations around a relatively high income, low unemployment equilibrium. Lower tax rates (≡ lower government expenditures) can trigger a sharp decline in revenues, expenditures, employment, and output. Copyright 1996 Western Economic Association International.
  • RePEc:bla:coecpo:v:14:y:1996:i:2:p:15-25
Language
  • English
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