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Aggregate Instability and Fiscal Policies: Balanced Budget Rules and Productive Public Spending
박현 한국경제학회 2015 The Korean Economic Review Vol.31 No.1
This article revisits the aggregate stability property of fiscal policies with balanced budget rules using a standard one-sector growth model. As in Schmitt-Grohe and Uribe (1997) aggregate instability is driven by self-filling beliefs in the presence of multiple equilibrium paths. However, I find the existence of an indeterminate balanced growth path with a continuum of competitive equilibrium paths when productive public spending on aggregate production is endogenously financed by a predetermined rate of income taxes under balanced budget rules. In this economy, local and global indeterminacy emerges when labor supply is highly elastic and a slope of aggregate (not necessarily individual) labor demand is positive by the productivity of public spending, independent of the usual indeterminacy conditions under fiscal policies such as types of distortionary taxes, sources of government revenue, composition of government expenditure, countercyclical taxation, and predetermined public spending.
박현,이수아 한국의류산업학회 1999 한국의류산업학회지 Vol.1 No.3
The purpose of this study is to suggest the direction of the future fashion by grasping the cyber fashion, which is discussed outstandingly in the recent fashion world, into internal expression and external features. The result of this study is as follows: Cyber fashion means the application of the electronic image, dynamic phenonmenon of machine, and the effects of light to fashion, and it has some external features of geometrical pattern, dynamic structure, and high-tech material and color Aside from this noticeable characteristics, cyber fashion has some internal features of the direction toward future, the anti-culture, and the surreal. In this cyber fashion, first, computer will be introduced and used as the means to realize a dream of human being. Second, it will be designed with the ideal feature of future society. Third, it will be possible to develope marterial and design to solve ecological issue of human beings. Fourth, the fashion to give the peace and stability to human being will be popular.