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来源类型Working Paper
规范类型报告
DOI10.3386/w9772
来源IDWorking Paper 9772
Fiscal Shocks and Their Consequences
Craig Burnside; Martin Eichenbaum; Jonas Fisher
发表日期2003-06-16
出版年2003
语种英语
摘要This paper investigates the response of hours worked and real wages to fiscal policy shocks in the U.S. during the post World War II era. We identify these shocks with exogenous changes in military purchases and argue that they lead to a persistent increase in government purchases and tax rates on capital and labor income, and a persistent rise in aggregate hours worked as well as declines in real wages. The shocks are also associated with short lived rises in aggregate investment and small movements in private consumption. We describe and implement a methodology for assessing whether standard neoclassical models can account for the consequences of a fiscal policy shock. Simple versions of the neoclassical model can account for the qualitative effects of a fiscal shock. Once we allow for habit formation and investment adjustment costs, the model can also account reasonably well for the quantitative effects of a fiscal shock.
主题Macroeconomics ; Macroeconomic Models ; Fiscal Policy
URLhttps://www.nber.org/papers/w9772
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/567398
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GB/T 7714
Craig Burnside,Martin Eichenbaum,Jonas Fisher. Fiscal Shocks and Their Consequences. 2003.
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