Fiscal Policy, Anticipated Switches in Methods of Finance, and the Effects on the Economy
构建了一个前瞻性消费者有限寿命的充分就业宏观模型，分析当前债券融资减税或增支对未来预期用税收和货币融资弥补赤字的经济影响，发现赤字与利率可能不呈正相关，赤字与通胀模式多样。
This paper develops a full employment, constant population macroeconomic model with forward-looking consumers that have finite horizons. The model is designed to analyze the effects on the economy of a current bond-financed cut in taxes or an increase in government expenditures when the resulting deficits are anticipated to be closed by a mixture of tax finance and money finance in the future. The model implies that deficits and real interest rates may not be positively correlated, contrary to popular views, and that deficits and inflation may exhibit a variety of patterns depending on how the deficits are expected to be closed in the future. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.