| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15160 |
| 来源ID | Working Paper 15160 |
| Dynamics of Fiscal Financing in the United States | |
| Eric M. Leeper; Michael Plante; Nora Traum | |
| 发表日期 | 2009-07-16 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Dynamic stochastic general equilibrium models that include policy rules for government spending, lump-sum transfers, and distortionary taxation on labor and capital income and on consumption expenditures are fit to U.S. data under a variety of specifications of fiscal policy rules. We obtain several results. First, the best fitting model allows a rich set of fiscal instruments to respond to stabilize debt. Second, responses of aggregate variables to fiscal policy shocks under rich fiscal rules can vary considerably from responses that allow only non-distortionary fiscal instruments to finance debt. Third, based on estimated policy rules, transfers, capital tax rates, and government spending have historically responded strongly to government debt, while labor taxes have responded more weakly. Fourth, all components of the intertemporal condition linking debt to expected discounted surpluses---transfers, spending, tax revenues, and discount factors---display instances where their expected movements are important in establishing equilibrium. Fifth, debt-financed fiscal shocks trigger long lasting dynamics so that short-run multipliers can differ markedly from long-run multipliers, even in their signs. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Business Cycles ; Fiscal Policy |
| URL | https://www.nber.org/papers/w15160 |
| 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/572836 |
| 推荐引用方式 GB/T 7714 | Eric M. Leeper,Michael Plante,Nora Traum. Dynamics of Fiscal Financing in the United States. 2009. |
| 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 | ||
| w15160.pdf（532KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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