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Asymmetric Effects of Government Spending: Does the Level of Real Interest Rates Matter?
Devereux, Michael B.; Choi, Woon Gyu - Econometric Society - 2004
This paper examines empirical issues on asymmetric effects of government spending. Increases in government spending under low real interest rates are not associated with the same increases in future tax liabilities as those under high real interest rates. Consequently, the negative impact from...
Persistent link: https://www.econbiz.de/10005342311
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Tax Policy Under Keeping Up with the Joneses and Imperfectly Competitive Product Markets
Guo, Jang-Ting - Econometric Society - 2004
This paper examines the optimal (first-best) fiscal policy in a stochastic representative agent model that exhibits a ``keeping up with the Joneses'' utility function and imperfectly competitive product markets. We find that the optimal labor tax is a constant, whose sign is determined by the...
Persistent link: https://www.econbiz.de/10005329006
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Balanced Budget Rules and Aggregate Instability: The Role of Consumption Taxes
Giannitsarou, Chryssi - Econometric Society - 2004
It is known that, in the context of a real business cycle model with constant returns to scale and a balanced budget fiscal policy rule, steady state indeterminacy may arise as a result of endogenously determined labor income tax rates. This happens for a range of empirically plausible tax rates...
Persistent link: https://www.econbiz.de/10005328994
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Balanced Budget Rules and Aggregate Instability: The Role of Consumption Taxes
Giannitsarou, Chryssi - Econometric Society - 2004
It is known that, in the context of a real business cycle model with constant returns to scale and a balanced budget fiscal policy rule, steady state indeterminacy may arise as a result of endogenously determined labor income tax rates. This happens for a range of empirically plausible tax rates...
Persistent link: https://www.econbiz.de/10005342191
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Real Business Cycles and Automatic Stabilizers
Harrison, Sharon G.; Guo, Jang-Ting - Econometric Society - 2004
-to-scale technology, and two different formulations of the household utility function. We also incorporate debt-financed borrowing by the … destabilizing and government purchases are stabilizing. However, we find the opposite results when the household utility is … how hours worked enter the household utility function and the associated labor-market behavior. …
Persistent link: https://www.econbiz.de/10005342226
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Why Does Private Consumption Rise After a Government Spending Shock?
Rebei, Nooman; Bouakez, Hafedh - Econometric Society - 2004
-likelihood methods using U.S. data. Estimation results indicate a strong Edgeworth complementarity between private and public spending …
Persistent link: https://www.econbiz.de/10005342233
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Fiscal Policy and Entrepreneurship
Takii, Katsuya - Econometric Society - 2004
This paper reexamines the effect of expansionary fiscal policy on the real GDP in the presense of entrepreneurship - firms' activities to predict and react to changes in consumers' taste. The existence of partial crowding out in this paper generates a trade off between private consumption and...
Persistent link: https://www.econbiz.de/10005063765
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Econometrics
Acemoglu, Daron (contributor) - 2013
Persistent link: https://www.econbiz.de/10010213203
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The Friedman Rule in a Two Sector Small Open Economy
Cunha, Alexandre - Econometric Society - 2004
This paper investigates the properties of optimal monetary and fiscal policy in a two sector small open economy. If the government can optimally select all possible distorting tax rates, then it can implement Pareto efficient outcomes and the Friedman Rule is found to be a necessary condition...
Persistent link: https://www.econbiz.de/10005342198
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Stabilizing, Pareto Improving Policies in an OLG model with Incomplete Markets: The Rational Expectations and Rational Beliefs Case.
Nielsen, Carsten Krabbe - Econometric Society - 2004
One way to interpret the current policies of many central banks is that they seek to stabilize economic activity. One possible justification for such a policy is that there is volatility in macro variables that individual agents cannot insure against. We study the simplest possible extension of...
Persistent link: https://www.econbiz.de/10005063772