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Fiscal Policy in the United States : Automatic Stabilizers, Discretionary Fiscal Policy Actions, and the Economy
Follette, Glenn R. - 2011
We examine the effects of the economy on the government budget as well as the effects of the budget on the economy. First, we provide measures of the effects of automatic stabilizers on budget outcomes at the federal and state and local levels. For the federal government, the deficit increases...
Persistent link: https://www.econbiz.de/10013122090
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Cost of Borrowing Shocks and Fiscal Adjustment
de Groot, Oliver - 2013
change in the interest rate paid by governments on their debt in a panel of 14 European countries over four decades. To this … expenditure. The size of the total fiscal adjustment, however, is insufficient to avoid the gross government debt-to-GDP ratio …
Persistent link: https://www.econbiz.de/10013073600
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Determining the Motives for a Positive Optimal Tax on Capital
Peterman, William - 2011
Previous literature demonstrates that in a computational life cycle model the optimal tax on capital is positive and large. Given the computational complexities of these overlapping generations models it is helpful to determine the relative importance of the economic factors driving this result....
Persistent link: https://www.econbiz.de/10013117721
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An Extensive Look at Taxes : How Does Endogenous Retirement Affect Optimal Taxation?
Peterman, William - 2012
This paper considers the impact on optimal tax policy of including endogenously determined retirement in a life cycle model. Allowing individuals to determine when they retire causes the optimal tax on capital to increase by 75% because of two implicit changes in the aggregate labor supply...
Persistent link: https://www.econbiz.de/10013106772
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The Analytics of SVARs : A Unified Framework to Measure Fiscal Multipliers
Caldara, Dario - 2012
Does fiscal policy stimulate output? SVARs have been used to address this question but no stylized facts have emerged. We derive analytical relationships between the output elasticities of fiscal variables and fiscal multipliers. We show that standard identification schemes imply different...
Persistent link: https://www.econbiz.de/10013106827
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Fiscal Consolidation Using the Example of Germany
Cwik, Tobias J. - 2013
After the run up in debt-to-GDP ratios around the world in the aftermath of the financial crisis and the associated … macroeconomic implications of fiscal consolidation triggered by the newly introduced "debt brake" in Germany, which dampens the … accumulation of debt. I address this question using a medium-size new Keynesian DSGE model for Germany. The model includes the …
Persistent link: https://www.econbiz.de/10013088918
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Optimal Capital Taxation with Idiosyncratic Investment Risk
Panousi, Vasia - 2013
We examine the optimal taxation of capital in a Ramsey setting of a general-equilibrium heterogeneous-agent economy with uninsurable idiosyncratic investment or capital-income risk. We prove that the ex ante optimal tax, evaluated at steady state, maximizes human wealth, namely the present...
Persistent link: https://www.econbiz.de/10013089180
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Consumer Spending and Fiscal Consolidation : Evidence from a Housing Tax Experiment
Surico, Paolo - 2016
leads to large expenditure cuts among households with mortgage debt and low liquid wealth but generates only small revenues …
Persistent link: https://www.econbiz.de/10013000811
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The Effects of Mortgage Prepayments on M2
O'Brien, Yueh-Yun C. - 2006
Mortgage prepayments can contribute significantly to fluctuations in M2 growth rates. These mortgage prepayment effects are primarily driven by certain rules of mortgage-backed-security (MBS) insurers that require mortgage servicers to hold in M2-type deposits the prepayment proceeds due to MBS...
Persistent link: https://www.econbiz.de/10012734835
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Reputation and Liquidity Traps
Nakata, Taisuke - 2014
Can the central bank credibly commit to keeping the nominal interest rate low for an extended period of time in the aftermath of a deep recession? By analyzing credible plans in a sticky-price economy with occasionally binding zero lower bound constraints, I find that the answer is yes if...
Persistent link: https://www.econbiz.de/10013050097