| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9454 |
| DP9454 The role of automatic stabilizers in the U.S. business cycle | |
| Alisdair McKay | |
| 发表日期 | 2013-04-28 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Most countries have automatic rules in their tax-and-transfer systems that are partly intended to stabilize economic fluctuations. This paper measures how effective they are. We put forward a model that merges the standard incomplete-markets model of consumption and inequality with the new Keynesian model of nominal rigidities and business cycles, and that includes most of the main potential stabilizers in the U.S. data, as well as the theoretical channels by which they may work. We find that the conventional argument that stabilizing disposable income will stabilize aggregate demand plays a negligible role on the effectiveness of the stabilizers, whereas tax-and-transfer programs that affect inequality and social insurance can have a large effect on aggregate volatility. However, as currently designed, the set of stabilizers in place in the United States has barely had any effect on volatility. According to our model, expanding safety-net programs, like food stamps, has the largest potential to enhance the effectiveness of the stabilizers. |
| 主题 | International Macroeconomics ; Public Economics |
| 关键词 | Countercyclical fiscal policy Fiscal multipliers Heterogeneous agents |
| URL | https://cepr.org/publications/dp9454 |
| 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/538289 |
| 推荐引用方式 GB/T 7714 | Alisdair McKay. DP9454 The role of automatic stabilizers in the U.S. business cycle. 2013. |
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