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One-Sided Uncertainty about Future Fiscal Policy

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Author Info
Daniel, Betty C

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Abstract

This paper analyzes the implications of uncertainty regarding future policy rules. The model demonstrates that expansionary fiscal policy, which is expected to be reversed at an unknown future date, can be responsible for sustained exchange rate appreciation, accompanied by persistent rational expectations of depreciations. The predictions of the model are compared with recent U.S. experience. Copyright 1989 by Ohio State University Press.

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File URL: http://links.jstor.org/sici?sici=0022-2879%28198905%2921%3A2%3C176%3AOUAFFP%3E2.0.CO%3B2-A&origin=bc
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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 21 (1989)
Issue (Month): 2 (May)
Pages: 176-89
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Handle: RePEc:mcb:jmoncb:v:21:y:1989:i:2:p:176-89

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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  1. Charles Engel & James D. Hamilton, 1989. "Long Swings in the Exchange Rate: Are they in the Data and Do Markets Know It?," NBER Working Papers 3165, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Yohane Khamfula, 2006. "Fiscal uncertainty with donor herding and domestic debt crisis," Working Papers 07/2006, Stellenbosch University, Department of Economics. [Downloadable!]
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This page was last updated on 2009-11-12.

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