本篇論文試圖延續Ganelli(2005)之研究,建立一個具有疊代性質的新開放總體經濟模型,並且 融合Betts and Devereux (2000)中廠商對不同市場做差別定價(pricing-to-market)的設定,探討政府發債 減稅對國內與國外的總體相對變數的影響。 本文可以得出三個主要結論: (1)本國政府發債減稅短期而言,會造成本國所持有之淨國外資產減少,本國消費相對於外國消費會上升,但本國產出相對於外國產出不變;短期本國幣會升值。 (2)本國政府發債減稅長期而言,會造成本國消費相對於外國而言減少,但本國產出相對於外國而言上升;長期本國幣會貶值。 (3)就福利而言,對於已存在的家計單位,本國政府發債減稅對本國相對於外國之福利效果不確定,但家計單位的貼現因子或存活率越低時,本國政府債減稅對本國相對於外國之福利效果越高。對於未來才存在之家計單位,本國政府發債減稅會將降低期相對福利水準。
In this thesis,we tried to modify the New Open Macroeconomics model of government debt provided by Ganelli(2005).We assuming that domestic and foreign goods markets are segmented. Domestic (foreign) agents are unable to buy the domestically produced good in the foreign (home) country. The monopolistically competitive firm has the ability to engage in price discrimination by setting domestic currency price for domestic sales that differ from the price that it sets for export. Three major conclusions of this thesis are as follows: (1)In the short run, the Debt-financed tax cut policy will worsen the net financial position of the home country relative to the foreign country、lead to a appreciation of home currency 、raise the domestic consumption relative to foreign consumption, but the domestic output relative to foreign output is unchanged. (2)In the long run, the Debt-financed tax cut policy will lower the domestic consumption relative to foreign consumption but raise the domestic output relative to foreign output. Home currency will depreciate. (3)The Debt-financed tax cut policy has an ambagious welfare effect for the generation alive. But the Debt-financed tax cut policy will lower the welfare of the generation born in the future