| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11593 |
| 来源ID | Working Paper 11593 |
| Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence | |
| Francesco Giavazzi; Tullio Jappelli; Marco Pagano; Marina Benedetti | |
| 发表日期 | 2005-09-12 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Data revisions and the availability of a longer sample offer the opportunity to reconsider the empirical findings that suggest that in the OECD countries national saving responds non-monotonically to fiscal policy. The paper confirms that the circumstance most likely to give rise to a non-monotonic response of national saving to a fiscal impulse is a "large and persistent impulse", defined as one in which the full employment surplus, as a percent of potential output, changes by at least 1.5 percentage points per year over a two-year period. This particular circumstance remains the only statistically significant one even when we allow for non-monotonic responses to arise when public debt is growing rapidly or interest rate spreads are widening. We find that non-monotonic responses are similar for fiscal contractions and expansions. In particular, an increase in net taxes has no effect on national saving during large fiscal contractions or expansions. For government consumption there is a large, albeit in some specifications less then complete, offset during expansions or contractions. |
| 主题 | Macroeconomics ; Consumption and Investment ; Fiscal Policy ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w11593 |
| 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/569238 |
| 推荐引用方式 GB/T 7714 | Francesco Giavazzi,Tullio Jappelli,Marco Pagano,et al. Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence. 2005. |
| 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 | ||
| w11593.pdf（203KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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