| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w11212
|
| 来源ID | Working Paper 11212
|
| Fluctuating Macro Policies and the Fiscal Theory |
| Troy Davig; Eric M. Leeper
|
| 发表日期 | 2005-03-21
|
| 出版年 | 2005
|
| 语种 | 英语
|
| 摘要 | This paper estimates regime-switching rules for monetary policy and tax policy over the post-war period in the United States and imposes the estimated policy process on a calibrated dynamic stochastic general equilibrium model with nominal rigidities. Decision rules are locally unique and produce a stationary long-run rational expectations equilibrium in which (lump-sum) tax shocks always affect output and inflation. Tax non-neutralities in the model arise solely through the mechanism articulated by the fiscal theory of the price level. The paper quantifies that mechanism and finds it to be important in U.S. data, reconciling a popular class of monetary models with the evidence that tax shocks have substantial impacts. Because long-run policy behavior determines existence and uniqueness of equilibrium, in a regime-switching environment more accurate qualitative inferences can be gleaned from full-sample information than by conditioning on policy regime. |
| 主题 | Macroeconomics
; Macroeconomic Models
; Monetary Policy
; Fiscal Policy
|
| URL | https://www.nber.org/papers/w11212
|
| 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/568849
|
推荐引用方式
GB/T 7714 |
Troy Davig,Eric M. Leeper. Fluctuating Macro Policies and the Fiscal Theory. 2005.
|
|
文件名：
|
w11212.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
