In this paper we provide a formal test of Barro's tax-smoothing model, using Spanish data covering the period 1850 … findings do also support the existence of tax-smoothing in Spanish fiscal policy throughout the sample period. Consequently …, there is some evidence that the Spanish economy has engaged in tax-smoothing behaviour over the period analysed, as the …

In this paper we provide a formal test of Barro's tax-smoothing model, using Spanish data covering the period 1850 … findings do also support the existence of tax-smoothing in Spanish fiscal policy throughout the sample period. Consequently …, there is some evidence that the Spanish economy has engaged in tax-smoothing behaviour over the period analysed, as the …

deviates from tax smoothing. Provided cumulative marginal damages are larger from today’s than from tomorrow’s emissions, the … investments reduces the deviation from tax-smoothing, but nevertheless increases optimal debt. …

deviates from tax smoothing. Provided cumulative marginal damages are larger from today's than from tomorrow's emissions, the … investments reduces the deviation from tax-smoothing, but nevertheless increases optimal debt. …

deviate from tax smoothing. Provided accumulated marginal damages from today's consumption are larger than those from tomorrow …. Allowing for endogenous adaptation investments reduces the deviation from tax smoothing. …