| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7518 |
| DP7518 Money in monetary policy design: Monetary cross-checking in the New-Keynesian model | |
| Volker Wieland; Günter Beck | |
| 发表日期 | 2009-10-25 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The paper presents evidence of an upward ratchet in transfers and taxes in the U.S. around World-War II. This finding is explained within a political-economy framework involving an executive who sets defense spending and the median voter in the population who interacts with a (richer) agenda setter in Congress in setting redistribution. While the setter managed to cap redistribution in the pre-war period, the War itself pushed up the status-quo tax burden, raising the bargaining power of the median voter as defense spending receded. This raised the equilibrium level of redistribution. The higher share of post-War transfers may thus be interpreted as a delayed fulfilment of a, not fully satisfied, popular demand for redistribution inherited from the Great Depression. |
| 主题 | International Macroeconomics |
| 关键词 | World-war ii Ratchets Transfers Taxes Redistribution Agenda setter |
| URL | https://cepr.org/publications/dp7518 |
| 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/536354 |
| 推荐引用方式 GB/T 7714 | Volker Wieland,Günter Beck. DP7518 Money in monetary policy design: Monetary cross-checking in the New-Keynesian model. 2009. |
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