Detail The impact of fiscal policy on the economy Bibliografi Author: Leeper, Eric M. (Advisor); Janeba, Susanne Topik: ECONOMICS; GENERAL|ECONOMICS; THEORY Bahasa: (EN )    ISBN: 0-599-44553-X     Penerbit: Indiana University     Tahun Terbit: 1999     Jenis: Theses - Dissertation Fulltext: 9942910.pdf (0.0B; 1 download) Abstract In this thesis, I analyze the macroeconomic effects of fiscal policy. In contrast to existing studies, I do not separate public spending from its financing. In chapter 1, I present a general equilibrium model that allows for a more general analysis of fiscal policy. Debt-financing with future adjustments in spending or taxation can be analyzed. I distinguish between transfers, government consumption and public investment. The solution highlights the distinct effects of current and future fiscal policy. I find that an increase in public purchases stimulates economic activity in the short run when deficit-financed. In contrast, output falls, when contemporaneous distortionary taxation finances higher spending. The expansionary effects on output are stronger for government expenditures that raise the productivity of private input factors. In chapter 2, I review and evaluate the empirical literature on the macroeconomic effects of fiscal policy. I illustrate that the estimation specifications found in the literature do not yield conclusive answers to the hypotheses they aim to test. The common failure is an improper interpretation of the individual coefficients. The analysis leads to the conclusion that one cannot read off the coefficients on tax revenues or debt, whether a tax cut today followed by a future increase in taxation leaves economic activity unaffected. In chapter 3, I evaluate how the endogeneity of fiscal policy influences simulation exercises. I show that simplifying assumptions on fiscal policy behavior can severely bias the simulated path for output. The distortion is the stronger, the more fiscal policy variables influence each other and the more they respond to changes in economic activity. A set of simulation exercises underscores the argument. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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