Tax Policy in the Small Open Economy: A Monetary Approach to A Keynesian Problem
用资产理论框架重新评估弗莱明-蒙代尔结论，发现固定汇率下财政政策有效，浮动汇率下也有效，比传统新凯恩斯文献更有利。
The paper utilizes a comparative static asset theoretic framework to reevaluate the well-known Fleming-Mundell conclusion that fiscal policy is an effective countercyclical device under fixed exchange rates but ineffective under flexible rates. In addition to a monetary approach to portfolio and balance of payments equilibrium, the analytical framework contains a complete specification of the production and employment conditions, a fixed money wage rate and less than full employment. This formulation yields strongly monetarist balance of payments conclusions together with more general and favorable fiscal policy conclusions than those obtained in the conventional neo-Keynesian literature.