Date of Award


Degree Type


Degree Name

Doctor of Philosophy


The thesis consists of three essays which investigate the relative effectiveness of monetary and fiscal policy.;The first essay analyzes the effect on the real rate of interest of changes in the rate of price inflation and monetary growth which finance either fiscal policy (changes in the tax rate) or financial policy (changes in the bond/money ratio). The second essay investigates the relevance with respect to market and aggregate output of tax versus money financed government expenditure in a natural rate model. The third essay scrutinizes the prediction made by Turnovsky and Brock (1980) that if fiscal authorities do not have access to the rate of monetary expansion any optimal policy will be time inconsistent.



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.