| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14047 |
| 来源ID | Working Paper 14047 |
| Fiscal Policy over the Real Business Cycle: A Positive Theory | |
| Marco Battaglini; Stephen Coate | |
| 发表日期 | 2008-05-30 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper presents a political economy theory of the behavior of fiscal policy over the business cycle. The theory predicts that, in both booms and recessions, fiscal policies are set so that the marginal cost of public funds obeys a submartingale. In the short run, fiscal policy can be pro-cyclical with government debt spiking up upon entering a boom. However, in the long run, fiscal policy is counter-cyclical with debt increasing in recessions and decreasing in booms. Government spending increases in booms and decreases during recessions, while tax rates decrease during booms and increase in recessions. Data on tax rates from the G7 countries supports the submartingale prediction, and the correlations between fiscal policy variables and national income implied by the theory are consistent with much of the existing evidence from the U.S. and other countries. |
| 主题 | Microeconomics ; Welfare and Collective Choice ; Macroeconomics ; Fiscal Policy ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w14047 |
| 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/571721 |
| 推荐引用方式 GB/T 7714 | Marco Battaglini,Stephen Coate. Fiscal Policy over the Real Business Cycle: A Positive Theory. 2008. |
| 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 | ||
| w14047.pdf（541KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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