| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7522 |
| 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 |
| URL | https://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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