G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7522
DP7522 Economic Conditions in Early Modern Bengal: A Contribution to the Divergence Debate
Tirthankar Roy
发表日期2009-10-25
出版年2009
语种英语
摘要We evaluate the extent to which a dynamic stochastic general equilibrium model can account for the impact of "surprise" and "anticipated" tax shocks estimated from U.S. time-series data. In U.S. data, surprise tax cuts have expansionary and persistent effects on output, consumption, investment and hours worked. Anticipated tax liability tax cuts give rise to contractions in output, investment and hours worked before their implementation while thereafter giving rise to an economic expansion. A DSGE model with changes in tax rates that may be anticipated or not, is shown to be able to account for the empirically estimated impact of tax shocks. The important features of the model include adjustment costs, variable capacity utilization and consumption habits. We derive Hicksian decompositions of the consumption and labor supply responses and show that substitution effects are key for understanding the impact of tax shocks. When allowing for rule-of-thumb consumers, we find that the estimate of their share of the population is only around 10-11 percent.
主题International Macroeconomics
关键词Anticipation effects Fiscal policy Structural estimation Tax liabilities
URLhttps://cepr.org/publications/dp7522
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/536358
推荐引用方式
GB/T 7714
Tirthankar Roy. DP7522 Economic Conditions in Early Modern Bengal: A Contribution to the Divergence Debate. 2009.
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