| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13629 |
| DP13629 On the Macroeconomic and Fiscal Effects of the Tax Cuts and Jobs Act | |
| Philipp Lieberknecht; Volker Wieland | |
| 发表日期 | 2019-03-27 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | There is substantial disagreement about the consequences of the Tax Cuts and Jobs Act (TCJA) of 2017, which constitutes the most extensive tax reform in the United States in more than 30 years. Using a large-scale two-country dynamic general equilibrium model with nominal rigidities, we find that the TCJA increases GDP by about 2% in the medium-run and by about 2.5% in the long-run. The short-run impact depends crucially on the degree and costs of variable capital utilization, with GDP effects ranging from 1 to 3%. At the same time, the TCJA does not pay for itself. In our analysis, the reform decreases tax revenues and raises the debt-to-GDP ratio by about 15 percentage points in the medium-run until 2025. We show that combining the TCJA with spending cuts can dampen the increase in government indebtedness without reducing its expansionary effect. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Tax reform Tjca Tax cuts Macroconomic modeling Fiscal policy transmission |
| URL | https://cepr.org/publications/dp13629 |
| 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/542488 |
| 推荐引用方式 GB/T 7714 | Philipp Lieberknecht,Volker Wieland. DP13629 On the Macroeconomic and Fiscal Effects of the Tax Cuts and Jobs Act. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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