G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7518
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
URLhttps://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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