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Debt and Taxes in the Theory of Public Finance

Feldstein, Martin S. - 2021

If a specified amount of government spending must be financed, how should that finance be divided between taxes and … taxes or capital income).The first section of the present paper shows how the debt-finance advantage of a small increase in …

Persistent link: https://www.econbiz.de/10013225423

The Tax Reform Act of 1986 : Comment on the 25th Anniversary

Feldstein, Martin S. - 2011

The Tax Reform Act of 1986 was a powerful pro-growth force for the American economy. Equally important, as we look back on it after 25 years, we also see that it taught us two important lessons. First, it showed that politicians with very different political philosophies on the right and on the...

Persistent link: https://www.econbiz.de/10013119339

The Output Effect of Fiscal Consolidations

Alesina, Alberto F. - 2012

The present paper argues that the correct experiment to evaluate the effects of a fiscal adjustment is the simulation of fiscal plans rather than of individual fiscal shocks. The simulation of the fiscal plans adopted by 16 OECD countries over a 30-year period supports the hypothesis that the...

Persistent link: https://www.econbiz.de/10013101511

How Large are the Effects of Tax Changes?

Favero, Carlo A. - 2009

We use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that includes output, government spending and revenues, inflation...

Persistent link: https://www.econbiz.de/10013156671

Tax Policy and International Capital Flows

Feldstein, Martin S. - 2008

segmentation of the global capital market affects the impact of capital income taxes and subsidies. This is discussed in the final …

Persistent link: https://www.econbiz.de/10012774862

Effects of Taxes on Economic Behavior

Feldstein, Martin S. - 2010

This paper discusses how the effects of taxes on economic behavior are important for revenue estimation, for … calculating efficiency effects, and for understanding short-term macroeconomoic consequences. The primary focus is on taxes on … labor income but some attention is given to taxes on income from saving. Specific calculations illustrate the importance of …

Persistent link: https://www.econbiz.de/10012759600

Raising Revenue by Limiting Tax Expenditures

Feldstein, Martin S. - 2014

Limiting tax expenditures can raise revenue without increasing marginal tax rates. Such a policy is equivalent to reducing government spending now done as subsidies through the tax code for a wide range of household spending and income. This paper explores one way of limiting tax expenditures: a...

Persistent link: https://www.econbiz.de/10013044006

What Do We Know About the Effects of Austerity?

Alesina, Alberto F. - 2018

This paper summarizes the results of a large recent literature on multi year fiscal plans for deficit reduction (austerity). The key results are that deficit reduction policies based upon spending cuts are much less costly in terms of short run output losses than tax based adjustments. On...

Persistent link: https://www.econbiz.de/10012929010

Budget Deficits, Tax Incentives and Inflation : a Surprising Lesson from the 1983-84 Recovery

Feldstein, Martin S.; Elmendorf, Douglas W. - 2021

The first two years of the economic expansion that began in 1983 were unusually strong and were accompanied by better inflation performance than would have been expected on the basis of experience in past recoveries. Our evidence contradicts the popular view that the recovery was the result of a...

Persistent link: https://www.econbiz.de/10013239969

Tax Rules and the Mismanagement of Monetary Policy

Feldstein, Martin S. - 2021

This paper emphasizes the importance of the interaction between tax rules and the management of monetary policy. The monetary authorities' failure to recognize the implications of the tax structure has caused them to underestimate just how expansionary monetary policy has been. Moreover, because...

Persistent link: https://www.econbiz.de/10013245128