| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6560 |
| DP6560 Taxes, Benefits, and Careers: Complete Versus Incomplete Markets | |
| Thomas Sargent; Lars Ljungqvist | |
| 发表日期 | 2007-11-09 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Using panel structural VAR analysis and quarterly data from four industrialized countries, we document that an increase in government purchases leads to an expansion in output and private consumption, a deterioration in the trade balance, and a depreciation of the real exchange rate (i.e., a decrease in the domestic CPI relative to the exchange-rate adjusted foreign CPI). We propose an explanation for these observed effects based on the deep habit mechanism. We estimate the key parameters of the deep-habit model employing a limited information approach. The predictions of the estimated deep-habit model fit well the observed responses of output, consumption, the trade balance, and the real exchange rate to an unanticipated government spending shock. In addition, the deep-habit model predicts that in response to an anticipated increase in government spending consumption and wages fail to increase on impact, which is consistent with the empirical evidence stemming from the narrative identification approach. In this way, the deep-habit model reconciles the findings of the SVAR and narrative literatures on the effects of government spending shocks. |
| 主题 | International Macroeconomics |
| 关键词 | Countercyclical mark-ups Deep habits Government spending shocks Real exchange rate movements |
| URL | https://cepr.org/publications/dp6560 |
| 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/535399 |
| 推荐引用方式 GB/T 7714 | Thomas Sargent,Lars Ljungqvist. DP6560 Taxes, Benefits, and Careers: Complete Versus Incomplete Markets. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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