| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP9631
|
| DP9631 Heterogeneous Consumers and Fiscal Policy Shocks |
| Barbara Rossi; Atsushi Inoue
|
| 发表日期 | 2013-09-08
|
| 出版年 | 2013
|
| 语种 | 英语
|
| 摘要 | This paper studies stylized empirical facts regarding the effects of unexpected changes in aggregate macroeconomic fiscal policies on consumers that are allowed to differ depending on their individual characteristics. We use data from the Consumption Expenditure Survey (CEX) to estimate individual-level impulse responses as well as multipliers for government spending and tax policy shocks. The main empirical finding of this paper is that unexpected fiscal shocks have substantially different effects on consumers depending on their age, income levels, and education. In particular, the wealthiest individuals tend to behave according to the predictions of standard RBC models, whereas the poorest individuals tend to behave according to standard IS-LM (non-Ricardian) models, due to credit constraints. Furthermore, government spending policy shocks tend to decrease consumption inequality, whereas tax policy shocks most negatively affect the lives of the poor, more so than the rich, thus increasing consumption inequality. |
| 主题 | International Macroeconomics
|
| 关键词 | Fiscal policy
Government spending shocks
Heterogeneity
Tax shocks
|
| URL | https://cepr.org/publications/dp9631
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538467
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推荐引用方式
GB/T 7714 |
Barbara Rossi,Atsushi Inoue. DP9631 Heterogeneous Consumers and Fiscal Policy Shocks. 2013.
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