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Government deficits, private investments and the current account : an intertemporal disequilibrium analysis (Английский)

This paper uses a model with full intertemporal optimization and Fischer-Gray type short run real wage rigidities to demonstrate the effects of deficit spending in different employment regimes. It allows for upward price flexibility, although prices, once set at the beginning of the period, will be rigid downward until the beginning of the next period. The paper shows that under Keynesian unemployment, deficit spending reduces unemployment...
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