caa a22 4500 378868470 CHVBK 20180305123403.0 cr unu---uuuuu 161128e20030701xx s 000 0 eng 10.2202/1558-3708.1103 doi (NATIONALLICENCE)gruyter-10.2202/1558-3708.1103 Globally-Stabilizing Fiscal Policy Rules [Elektronische Daten] [Jang-Ting Guo, Kevin J Lansing] This paper demonstrates how fiscal policy rules can be designed to eliminate all forms of endogenous fluctuations in a one-sector growth model with increasing returns-to-scale. When the policy rules are implemented, agents' optimal decisions depend only on the current state of the economy and not on any expected future states. This property shuts down the mechanism for expectations-driven fluctuations. The proposed policy rules ensure a globally unique and stable equilibrium, regardless of the degree of increasing returns. ©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston Guo Jang-Ting University of California, Riverside, guojt@mail.ucr.edu aut Lansing Kevin J. Federal Reserve Bank of San Francisco, kevin.j.lansing@sf.frb.org aut Studies in Nonlinear Dynamics & Econometrics De Gruyter 7/2(2003-07-01) 7:2 2003 7 snde https://doi.org/10.2202/1558-3708.1103 text/html Onlinezugriff via DOI 1 research article jats NATIONALLICENCE 856 40 https://doi.org/10.2202/1558-3708.1103 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Guo Jang-Ting University of California, Riverside, guojt@mail.ucr.edu aut NATIONALLICENCE 700 1- Lansing Kevin J. Federal Reserve Bank of San Francisco, kevin.j.lansing@sf.frb.org aut NATIONALLICENCE 773 0- Studies in Nonlinear Dynamics & Econometrics De Gruyter 7/2(2003-07-01) 7:2 2003 7 snde CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-gruyter