| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9772 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w9772 |
| 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/567398 |
| 推荐引用方式 GB/T 7714 | Craig Burnside,Martin Eichenbaum,Jonas Fisher. Fiscal Shocks and Their Consequences. 2003. |
| 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 | ||
| w9772.pdf（563KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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