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[null,"1.","Record Nr.",null,"UNINA9910971217203321"]
[null,null,"Autore",null,"Kumhof Michael"]
[null,null,"Titolo",null,"Fiscal Deficits and Current Account Deficits / / Michael Kumhof, Douglas Laxton"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2009"]
[null,null,"ISBN",null,"9786612844386"]
[{"$nulls":4},"9781462316410"]
[{"$nulls":4},"1462316417"]
[{"$nulls":4},"9781452706672"]
[{"$nulls":4},"1452706670"]
[{"$nulls":4},"9781451873849"]
[{"$nulls":4},"1451873840"]
[{"$nulls":4},"9781282844384"]
[{"$nulls":4},"1282844385"]
[null,null,"Edizione",null,"[1st ed.]"]
[null,null,"Descrizione fisica",null,"23 p. : ill"]
[null,null,"Collana",null,"IMF Working Papers"]
[null,null,"Disciplina",null,"338.973"]
[null,null,"Soggetti",null,"Finance, Public - Econometric models"]
[{"$nulls":4},"Debts, Public"]
[{"$nulls":4},"Accounts current"]
[{"$nulls":4},"Fiscal policy"]
[{"$nulls":4},"Balance of payments"]
[{"$nulls":4},"Banks and Banking"]
[{"$nulls":4},"Current Account Adjustment"]
[{"$nulls":4},"Current account deficits"]
[{"$nulls":4},"Current account"]
[{"$nulls":4},"Debt Management"]
[{"$nulls":4},"Debt"]
[{"$nulls":4},"Exports and Imports"]
[{"$nulls":4},"Finance"]
[{"$nulls":4},"Government debt management"]
[{"$nulls":4},"Interest rates"]
[{"$nulls":4},"Interest Rates: Determination, Term Structure, and Effects"]
[{"$nulls":4},"International economics"]
[{"$nulls":4},"Public debt"]
[{"$nulls":4},"Public finance & taxation"]
[{"$nulls":4},"Public Finance"]
[{"$nulls":4},"Real interest rates"]
[{"$nulls":4},"Short-term Capital Movements"]
[{"$nulls":4},"Sovereign Debt"]
[{"$nulls":4},"United States"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","\"October 2009\"."]
[null,null,null,"Nota di bibliografia","Includes bibliographical references."]
[null,null,"Nota di contenuto",null,"Cover Page -- Title Page -- Copyright Page -- Contents -- I. Introduction -- 1. IMF WEO and CBO Baseline Deficit and Debt Projections for the United States -- 2. CBO Long-Term Projections for U.S. Fiscal Deficits and Debt -- II. The Model -- A. Households -- 3. Dissaving and the Role of the Planning Horizon -- B. Firms -- 1. Manufacturers -- 2. Distributors -- 3. Retailers -- C. Government -- 1. Budget Constraint -- 2. Fiscal Policy -- 3. Monetary Policy -- D. Equilibrium and Balance of Payments -- III. Calibration -- IV. Permanent Increases in Fiscal Deficits -- A. U.S. Fiscal Deficits -- 4. One Percentage Point Deficit Shock, Instrument = Taxation, Part I -- 5. One Percentage Point Deficit Shock, Instrument = Taxation, Part II -- 6. One Percentage Point Deficit Shock, Instrument = Taxation, Part III -- 7. Current Account Deficit and the Planning Horizon -- 8. Real Interest Rate and the Planning Horizon -- B. Sensitivity Analysis -- C. Small Open Economies -- 9. One Percentage Point Deficit Shock in a Small Open Economy -- 10. Large Open Economy Dissaving -- 11. Small Open Economy Dissaving -- V. Conclusion -- References -- Footnotes."]
[null,null,null,"Sommario/riassunto","The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implications if they turn out to be permanent. First, if they occur in large countries they significantly raise the world real interest rate. Second, they cause a short run current account deterioration equal to around 50 percent of the fiscal deficit deterioration. Third, the longer run current account deterioration equals almost 75 percent for a large economy such as the United States, and almost 100 percent for a small open economy."]