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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w7459 |
来源ID | Working Paper 7459 |
Assessing the Effects of Fiscal Shocks | |
Craig Burnside; Martin Eichenbaum; Jonas D.M. Fisher | |
发表日期 | 2000 |
出版年 | 2000 |
语种 | 英语 |
摘要 | This paper investigates the response of real wages and hours worked to an exogenous shock in fiscal policy. We identify this shock with the dynamic response of government purchases and tax rates to an exogenous increase in military purchases. The fiscal shocks that we isolate are characterized by highly correlated increases in government purchases, tax rates and hours worked as well as persistent declines in real wages. We assess the ability of standard Real Business Cycle models to account for these facts. They can-but only under the assumption that marginal income tax rates are constant, a standard assumption in the literature. Once we abandon this counterfactual assumption, RBC models cannot account for the facts. We argue that our empirical findings pose a challenge to a wide class of business cycle models. |
主题 | Macroeconomics ; Business Cycles ; Fiscal Policy |
URL | https://www.nber.org/papers/w7459 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565005 |
推荐引用方式 GB/T 7714 | Craig Burnside,Martin Eichenbaum,Jonas D.M. Fisher. Assessing the Effects of Fiscal Shocks. 2000. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w7459.pdf(3381KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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