کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5053110 1476508 2017 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Macroeconomic impacts of fiscal policy shocks in the UK: A DSGE analysis
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Macroeconomic impacts of fiscal policy shocks in the UK: A DSGE analysis
چکیده انگلیسی
This paper develops and estimates a new-Keynesian dynamic stochastic general equilibrium (DSGE) model for the analysis of fiscal policy in the UK. We find that government consumption and investment yield the highest GDP multipliers in the short-run, whereas capital income tax and public investment have dominating effect on GDP in the long-run. When nominal interest rate is at the zero lower bound, consumption taxes and public consumption and investment are found to be the most effective fiscal instruments throughout the analysed horizon, and capital and labour income taxes are established to be the least effective. The paper also shows that the effectiveness of fiscal policy decreases in a small open-economy scenario and that nominal rigidities improve effectiveness of public spending and consumption taxes, whereas decrease that of income taxes.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 61, February 2017, Pages 321-338
نویسندگان
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