| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3903 |
| DP3903 Incentives to Borrow and the Demand for Mortgage Debt: An Analysis of Tax Reforms | |
| Tullio Jappelli; Luigi Pistaferri | |
| 发表日期 | 2004-05-25 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This Paper presents an analysis of how alternative models of the business cycle can replicate the stylized fact that large governments are associated with less volatile economies. Our analysis shows that adding nominal rigidities and costs of capital adjustment to an otherwise standard RBC model can generate a negative correlation between government size and the volatility of output. In the model, however, we find that the stabilizing effect is only due to a composition effect and it is not present when we look at the volatility of private output. Given that empirically we also observe a negative correlation between government size and the volatility of consumption, we modify the model by introducing rule-of-thumb consumers. In this modified version of our initial model we observe that consumption volatility is also reduced when government size increases. |
| 主题 | International Macroeconomics |
| 关键词 | Government size Output volatility Automatic stabilizers |
| URL | https://cepr.org/publications/dp3903 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533351 |
| 推荐引用方式 GB/T 7714 | Tullio Jappelli,Luigi Pistaferri. DP3903 Incentives to Borrow and the Demand for Mortgage Debt: An Analysis of Tax Reforms. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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