monetary growth, there are no real effects unless preferences are non-separable in consumption of goods and real money balances … increases capital by less and crowds out consumption by more than a money-financed fiscal expansion. None of the above policies … finite lives. An increase in monetary growth is no longer superneutral in a money-capital economy, but leads to a reduction …

, uncovered interest parity, imperfect substitution between home and foreign goods, and sluggish labor markets is then formulated. …

dependingon whether one assumes purchasing power parity or imperfectsubstitution between home and foreign goods and on whether …

This paper investigates the implications of budgetary policies for consumption and economic growth. We present a model … a rise in government debt, financed by lump-sum taxes, increases the share of private consumption to national income and … reduces the long-run growth rate. We also show that a rise in government consumption financed by lump-sum taxes reduces both …

saving and a larger sensitivity of changes in consumption to income innovations. It is also shown that consumers with … min-max strategy against nature. When applied to a life cycle consumption problem, one finds a rationale for precautionary …

than a lump-sum subsidy, both cutting public employment and cutting public spending on market goods induce an investment … market goods induces a lower interest rate, a higher wage, a lower capital stock and a fall in employment. Cutting public … boom. Making the tax system less progressive by cutting tax credits and the labour income tax rate induces an investment …