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Fiscal Policy and Households' Inflation Expectations : Evidence from a Randomized Control Trial

Coibion, Olivier; Gorodnichenko, Yuriy; Weber, Michael - National Bureau of Economic Research - 2021

Rising government debt levels around the world are raising the specter that authorities might seek to inflate away the debt. In theoretical settings where fiscal policy "dominates" monetary policy, higher debt without offsetting changes in primary surpluses should lead households to anticipate...

Persistent link: https://www.econbiz.de/10012482700

Estimating the Net Fiscal Cost of a Child Tax Credit Expansion

Goldin, Jacob; Maag, Elaine; Michelmore, Katherine - National Bureau of Economic Research - 2021

Recent proposals to expand the Child Tax Credit (CTC) are at the center of current policy discussions in the United States. We study the fiscal cost of three such proposals that would expand refundability of the credit to low-income children, increase the maximum credit amount, and/or eliminate...

Persistent link: https://www.econbiz.de/10012660020

Where Do My Tax Dollars Go? Tax Morale Effects of Perceived Government Spending

Giaccobasso, Matías; Nathan, Brad C.; Perez-Truglia, … - National Bureau of Economic Research - 2022

Do perceptions about how the government spends tax dollars affect the willingness to pay taxes? We designed a field experiment to test this hypothesis in a natural, high-stakes context and via revealed preferences. We measure perceptions about the share of property tax revenues that fund public...

Persistent link: https://www.econbiz.de/10012938758

On the ease of overstating the fiscal stimulus in the US, 2008-9

Aizenman, Joshua - 2010

This note shows that the aggregate fiscal expenditure stimulus in the United States, properly adjusted for the declining fiscal expenditure of the fifty states, was close to zero in 2009. While the Federal government stimulus prevented a net decline in aggregate fiscal expenditure, it did not...

Persistent link: https://www.econbiz.de/10012462868

Cúrdia, Vasco - 2010

The dynamic stochastic general equilibrium (DSGE) models that are used to study business cycles typically assume that exogenous disturbances are independent autoregressions of order one. This paper relaxes this tight and arbitrary restriction, by allowing for disturbances that have a rich...

Persistent link: https://www.econbiz.de/10012462877

Dynamics of Fiscal Financing in the United States

Leeper, Eric M. - 2009

Dynamic stochastic general equilibrium models that include policy rules for government spending, lump-sum transfers … debt. Third, based on estimated policy rules, transfers, capital tax rates, and government spending have historically … condition linking debt to expected discounted surpluses---transfers, spending, tax revenues, and discount factors …

Persistent link: https://www.econbiz.de/10012463489

Government Form and Public Spending : Theory and Evidence from U.S. Municipalities

Coate, Stephen - 2009

There are two main forms of government in U.S. cities: council-manager and mayor-council. This paper develops a theory of fiscal policy determination under these two forms. The theory predicts that expected public spending will be lower under mayor-council, but that either form of government...

Persistent link: https://www.econbiz.de/10012463791

Federal Budget Rules : The US Experience

Auerbach, Alan J. - 2008

In this paper, I review US federal budget rules and present some evidence on their possible effects. From an analysis of how components of the federal budget behaved under the different budget regimes, it appears that the rules did have some effects, rather than simply being statements of policy...

Persistent link: https://www.econbiz.de/10012464358

A History of U.S. Debt Limits

Hall, George J. - 2015

Congress first imposed an aggregate debt limit in 1939 when it delegated decisions about designing US debt instruments to the Treasury. Before World War I, Congress designed each bond and specified a maximum amount of each bond that the Treasury could issue. It usually specified purposes for...

Persistent link: https://www.econbiz.de/10012456872

Government Spending Multipliers in Good Times and in Bad : Evidence from U.S. Historical Data

Ramey, Valerie A. - 2014

This paper investigates whether U.S. government spending multipliers differ according to two potentially important features of the economy: (1) the amount of slack and (2) whether interest rates are near the zero lower bound. We shed light on these questions by analyzing new quarterly historical...

Persistent link: https://www.econbiz.de/10012457947