留学生政府债务作业范文参考 [2]
论文作者:英语论文论文属性:本科毕业论文 Thesis登出时间:2014-10-22编辑:yangcheng点击率:15283
论文字数:5703论文编号:org201409182323537527语种:英语 English地区:美国价格:免费论文
关键词:债务政府支出凯恩斯多重影响家用消费
摘要:本文是一篇留学生的政府债务论文,政府支出效应对于个人消费的冲击已经很长时间处于宏观经济政策的商榷的中心舞台。正如Tobin在1952年最初在一篇文章中发表的一样。
ere are significant wealth effects present and the Keynesian school just ends its analysis before examining these wealth effects and their repercussions. This has been termed as another level of crowding out and has been under investigation by many writers.
Figure-1 below depicts the usual textbook story, which holds true if no significant wealth effects are present. In the Hicks-Hansen Model the initial equilibrium of the economy is depicted by the intersection of IS0 and LM0. Government spending being a component of the IS curve when rises, produces an outward shift in IS0 to IS1.The multiplier effect called here the ‘naive multiplier' causes national income to rise from Y0 to Y1. As seen in the figure income doesn't rise all the way to Y2 due to the level of crowding out alluded to earlier in the writing.
Taking A leaf out of Blinder & Solow(1973) we come to Figure-2 below which continues the effect onward from where the Keynesians left it and shows that their story is insufficient in the presence of wealth effects-Y1 is no longer an equilibrium. The IS curve shifts out further to IS2. This shift is attributed to the increase in wealth-greater wealth implies a higher level of consumption than before out of the given flow of income this augments the multiplier further to cause a larger increase in national income. The financial markets too are effected by this greater wealth as the increase in wealth is translated into a higher demand for money and bonds at any level of income and interest rates which is represented by a shift in the LM curve to LM2. The outcome f the last two shifts can either be expansionary or contractionary a debate which has been endless between proponents and opponents of the neutrality of debt financing.
The standard theory of government debt- where firstly it adds to the wealth of households stimulating the economy and secondly competes with private financial instruments in the market - was the only beacon in the dark for approximately two decades till it was cast into doubt through the revival of a theory first explored by Ricardo which described all the effects attributed to public debt as non existent.
Like the theory of Modigliani-Miller is to Corporate fianance The Ricardian Equivalence theorem is to Public
Finance. In Each Theorem the assumptions are frequently alleged to be unrealistic but are acclaimed as to be a good approximation and cited by economists and writers time and time again. Government debt has been in the headlines for many years now where it has been alleged quite regularly as the major cause of the economic downturns and mishaps that are , recessions , inflation . trade imbalances, etc. Though these notions have gained popularity amongst the ranks of economists today the statistical and theoretical evidence/studies have not been able to arrive at a concrete decision.
Ricardian Equivalence as the theory has come to be known does away with the traditional theory that attributes debt as a short term stimuli to output and employment, a rise in interest rates and a crowding out of private investment. According to Ricardian Equivalence though Government expenditure and marginal tax rates matter , the debt/tax mix or just as modiglliani put it the debt/equity mix is irrelevant. The reasoning being quite simple government debt implies taxation in the future. The present value of this tax is equal to the value of debt
本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。