| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP5330
|
| DP5330 Fiscal Rules and Fiscal Performance in the EU and Japan |
| Jurgen von Hagen
|
| 发表日期 | 2005-10-26
|
| 出版年 | 2005
|
| 语种 | 英语
|
| 摘要 | Data revisions and the availability of a longer sample offer the opportunity to reconsider the empirical findings that suggest that in the OECD countries national saving responds non-monotonically to fiscal policy. The paper confirms that the circumstance most likely to give rise to a non-monotonic response of national saving to a fiscal impulse is a 'large and persistent impulse', defined as one in which the full employment surplus, as a percent of potential output, changes by at least 1.5 percentage points per year over a two-year period. This particular circumstance remains the only statistically significant one even when we allow for non-monotonic responses to arise when public debt is growing rapidly or interest rate spreads are widening. We find that non-monotonic responses are similar for fiscal contractions and expansions. In particular, an increase in net taxes has no effect on national saving during large fiscal contractions or expansions. For government consumption there is a large, albeit in some specifications less then complete, offset during expansions or contractions. |
| 主题 | International Macroeconomics
|
| 关键词 | Fiscal policy
National saving
|
| URL | https://cepr.org/publications/dp5330
|
| 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/534188
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推荐引用方式
GB/T 7714 |
Jurgen von Hagen. DP5330 Fiscal Rules and Fiscal Performance in the EU and Japan. 2005.
|
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