| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7377 |
| DP7377 Inflation Targeting and Business Cycle Synchronization | |
| Robert P Flood; Andrew Rose | |
| 发表日期 | 2009-07-26 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We provide empirical evidence on the dynamic effects of tax liability changes in the United States. We distinguish between surprise and anticipated tax changes using a timing-convention. We document that pre-announced but not yet implemented tax cuts give rise to contractions in output, investment and hours worked while real wages increase. In contrast, there are no significant anticipation effects on aggregate consumption. Implemented tax cuts, regardless of their timing, have expansionary and persistent effects on output, consumption, investment, hours worked and real wages. Results are shown to be very robust. We argue that tax shocks are empirically important impulses to the U.S. business cycle and that anticipation effects have been important during several business cycle episodes. |
| 主题 | International Macroeconomics |
| 关键词 | Anticipation effects Business cycles Fiscal policy Tax liabilities |
| URL | https://cepr.org/publications/dp7377 |
| 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/536214 |
| 推荐引用方式 GB/T 7714 | Robert P Flood,Andrew Rose. DP7377 Inflation Targeting and Business Cycle Synchronization. 2009. |
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