| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4829 |
| DP4829 Limits of Arbitrage and Corporate Financial Policy | |
| Massimo Massa; Urs Peyer; Zhenxu Tong | |
| 发表日期 | 2005-01-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This Paper studies the effects of fiscal policy on GDP, inflation and interest rates in five OECD countries, using a structural Vector Autoregression approach. Its main results can be summarized as follows: 1) The effects of fiscal policy on GDP tend to be small: government spending multipliers larger than 1 can be estimated only in the US in the pre-1980 period. 2) There is no evidence that tax cuts work faster or more effectively than spending increases. 3) The effects of government spending shocks and tax cuts on GDP and its components have become substantially weaker over time; in the post-1980 period these effects are mostly negative, particularly on private investment. 4) Only in the post-1980 period is there evidence of positive effects of government spending on long interest rates. In fact, when the real interest rate is held constant in the impulse responses, much of the decline in the response of GDP in the post-1980 period in the US and UK disappears. 5) Under plausible values of its price elasticity, government spending typically has small effects on inflation. 6) Both the decline in the variance of the fiscal shocks and the change in their transmission mechanism contribute to the decline in the variance of GDP after 1980. |
| 主题 | International Macroeconomics |
| 关键词 | Government spending Fiscal policy Taxes |
| URL | https://cepr.org/publications/dp4829 |
| 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/533738 |
| 推荐引用方式 GB/T 7714 | Massimo Massa,Urs Peyer,Zhenxu Tong. DP4829 Limits of Arbitrage and Corporate Financial Policy. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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