| 来源类型 | Working Paper |
| 规范类型 | 论文 |
| Optimal Long-Run Fiscal Policy | |
| Kevin A. Hassett; Alan J. Auerbach | |
| 发表日期 | 2005-12-06 |
| 出处 | AEI Economic Policy Working Paper Series |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | The full text of this paper is available here as an Adobe Acrobat PDF. Abstract We construct a computational dynamic stochastic overlapping generations general equilibrium model with uncertain lifetimes and explore the impact of policy stickiness (specifically, a major reform will preclude future reforms for a generation) on optimal long-run fiscal policy. Under such circumstances, entitlement reforms exhaust a valuable option to move in the future. We explore the conditions under which the gain to waiting is large enough to induce optimizing policymakers to delay reforming a suboptimal system. We also allow for the uncertainty to have ARCH characteristics and explore the impact of time-varying uncertainty on the optimality of delayed policy action. Kevin A. Hassett is a resident scholar and director of economic policy studies at AEI. Alan J. Auerbach is a professor in the Department of Economics at the University of California-Berkeley, and associated with the National Bureau of Economic Research. |
| 主题 | Public Economics |
| 标签 | Entitlements ; Fiscal policy |
| URL | https://www.aei.org/research-products/working-paper/optimal-long-run-fiscal-policy/ |
| 来源智库 | American Enterprise Institute (United States) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/206875 |
| 推荐引用方式 GB/T 7714 | Kevin A. Hassett,Alan J. Auerbach. Optimal Long-Run Fiscal Policy. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| 20051208_WP119.pdf（720KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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