| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12335 |
| DP12335 Tax shocks with high and low uncertainty | |
| Massimiliano Marcellino; Fabio Bertolotti | |
| 发表日期 | 2017-09-26 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We assess whether the effects of fiscal policy depend on the extent of uncertainty in the economy. Specifically, focusing on tax shocks, identified by the narrative series by Romer and Romer (2010), and various measures of uncertainty, we use a Threshold VAR model to allow for dependence of the effects of the tax shocks both on the level of uncertainty and on the sign of the shock. Our two main empirical results are that the economy responds more positively to tax cuts during periods of low uncertainty, while, in response to tax increases, monetary policy contributes significantly in making the reaction of the economy neutral during more uncertain times. We also show that existing theoretical models can explain, to a good extent, this empirical evidence. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp12335 |
| 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/541145 |
| 推荐引用方式 GB/T 7714 | Massimiliano Marcellino,Fabio Bertolotti. DP12335 Tax shocks with high and low uncertainty. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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