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Aggregate Stability and Balanced-Budget Rules

It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by a balanced-budget rule. This paper introduces in an otherwise standard real... Full description

1st Person: Ghilardi, Matteo
Additional Persons: Rossi, Raffaele
Type of Publication: Book
Published: Washington, D.C. International Monetary Fund 2014, 2014
Series: IMF Working Papers; Working Paper
Keywords: United Kingdom
United States
Constant Elasticity of Substitution
Elasticity of Substitution
Tax Rates
Online: Volltext
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