کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
986400 1480825 2011 28 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Understanding the aggregate effects of anticipated and unanticipated tax policy shocks
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Understanding the aggregate effects of anticipated and unanticipated tax policy shocks
چکیده انگلیسی

This paper evaluates the extent to which a DSGE model can account for the impact of tax policy shocks. We estimate the response of macroeconomic aggregates to anticipated and unanticipated tax shocks in the US and find that unanticipated tax cuts have persistent expansionary effects on output, consumption, investment and hours worked. Anticipated tax cuts give rise to contractions in output, investment and hours worked prior to their implementation, while stimulating the economy when implemented. We show that a DSGE model can account quite successfully for these findings. The main features of the model are adjustment costs, consumption durables, variable capacity utilization and habit formation.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Economic Dynamics - Volume 14, Issue 1, January 2011, Pages 27–54
نویسندگان
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