As the financial markets mature in a modern economy, capital gains tax concerns arise naturally among economists as well as policy makers. This paper intends to investigate the distortions of capital gains tax in an inflationary environment. We develop a dynamic general equilibrium, life-cycle...

March 2000 - A spreadsheet planning model to help determine the government deficit consistent with a specified vector of country macroeconomic objectives. Beckerman describes a spreadsheet planning model to help determine the government deficit consistent with a policymaker's vector of principal...

The author describes a spread-sheet planning model to help determine the government deficit consistent with a policymaker's "vector" of principal macroeconomic objectives (including real GDP growth, inflation, exchange rate, and international reserve accumulation). The model focuses on the...

A spreadsheet planning model to help determine the government deficit consistent with a specified vector of country macroeconomic objectives. Beckerman describes a spreadsheet planning model to help determine the government deficit consistent with a policymaker's vector of principal...

We use a standard new Keynesian model to evaluate the cost of disinflation - measured by the sacrifice ratio, the central bank's loss function, and the welfare cost - in a small open economy vis-à-vis a closed economy. Disinflation is either more costly or less beneficial in the small open...

This paper investigates the performance of various monetary rules in an open economy with incomplete exchange rate pass-through. Implementing monetary policy through an exchange rate augmented policy rule does not improve social welfare compared to using an optimized Taylor rule, irrespective of...

This paper analyzes the central bank s optimal objective function in a small open economy model allowing for incomplete exchange rate pass-through. The results indicate that there are welfare gains from different types of monetary policy inertia. The welfare improvements of exchange rate...