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    Essays on Macroeconomic Implications of International Capital Flow and Fiscal Uncertainty

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    Issue Date
    2017-05-31
    Author
    Francois, John Nana Darko
    Publisher
    University of Kansas
    Format
    165 pages
    Type
    Dissertation
    Degree Level
    Ph.D.
    Discipline
    Economics
    Rights
    Copyright held by the author.
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    Abstract
    This dissertation comprises three chapters that contribute to a broader and an ongoing discussion in the macroeconomics, international economics, and development economics literature. Specifically, the first chapter focuses on understanding how shocks to long-term U.S debt held by foreign official institutions such as foreign central banks and foreign ministries of finance affect the U.S economy. In the context of a dynamic stochastic general equilibrium(DSGE) model with imperfect asset substitution between short and long-term government bonds, I find that shocks to long-term U.S debt held by foreign official institutions have expansionary effects on the economy--they lower the long-term interest rate and increase output, consumption and inflation. This result is supported by empirical findings from a structural vector autoregression model (SVAR). The second chapter advances the study of foreign aid fungibility by showing how subtle characteristics of household behavior interact with fungible aid and institutional factors to impact aid effectiveness. Specifically, I build a simple dynamic optimizing model and show that the way consumers internalize an aid induced increase in government spending can have very contrasting impacts on aid effectiveness-- a feature absent in the extensive empirical literature. Finally, the third chapter studies how different discretionary government spending policy options impact the consequences of explosive government transfer payments. I employ a DSGE model with a fiscal limit-- a point where higher taxation is no longer a feasible financing for this study.
    URI
    http://hdl.handle.net/1808/26324
    Collections
    • Economics Dissertations and Theses [169]
    • Dissertations [4473]

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    Contact KU ScholarWorks
    785-864-8983
    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    785-864-8983

    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    Image Credits
     

     

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