| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21550 |
| 来源ID | Working Paper 21550 |
| Crowding Out in Ricardian Economies | |
| Andrew B. Abel | |
| 发表日期 | 2015-09-14 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | The crowding-out coefficient is the ratio of the reduction in privately-issued bonds to the increase in government bonds that are issued to finance a tax cut. If (1) Ricardian equivalence holds, and (2) households do not simultaneously borrow risklessly and have positive gross positions in other riskless assets, the crowding-out coefficient equals the fraction of the aggregate tax cut that accrues to households that borrow. In the conventional case in which all households receive equal tax cuts, the crowding-out coefficient equals the fraction of households that borrow. In the United States, about 75% of households borrow, so the crowding-out coefficient is predicted to be 0.75, which differs from econometric estimates that are around 0.5. I explore extensions of the model, such as a departure from Ricardian Equivalence or the introduction of cross-sectional variation in taxes, that might account for this difference. |
| 主题 | Macroeconomics ; Fiscal Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w21550 |
| 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/579225 |
| 推荐引用方式 GB/T 7714 | Andrew B. Abel. Crowding Out in Ricardian Economies. 2015. |
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