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Creator: Braun, R. Anton Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 506 Abstract:
This paper investigates the macroeconomic effects of cyclical fluctuations in marginal tax rates. It finds that systematically including tax variables in a standard real business cycle model substantially improves the model's ability to reproduce basic facts about postwar U.S. business cycle fluctuations. In particular, modeling fluctuations in personal and corporate income tax rates increases the model's predicted relative variability of hours and decreases its predicted correlation between hours and average productivity. Fluctuations in tax rates produce large substitution effects that alter the leisure/labor supply decision.
Parola chiave: Business cycle, Real business cycle model, Taxation, Productivity, Tax, Corporate tax , Income tax, Tax rates, and Taxes Soggetto: E32 - Business Fluctuations; Cycles, H24 - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes, and H25 - Business Taxes and Subsidies including sales and value-added (VAT)
Creator: Braun, R. Anton and McGrattan, Ellen R. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 519 Parola chiave: Hours of labor, Government expenditures, Government purchases, World War II, Average weekly hours, and Civilian employment Soggetto: H56 - National Security and War and J22 - Time Allocation and Labor Supply
Creator: Braun, R. Anton and Christiano, Lawrence J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 529 Abstract:
The money demand literature presents much conflicting evidence on this question. For example, Lucas (1988) reports unrestricted money demand regressions which seem to imply that long-run money demand elasticities are highly unstable across subsamples. At the same time, he also presents evidence from money demand regressions with the income elasticity restricted to unity which seem to suggest stability. We conduct a formal analysis which weighs these apparently conflicting facts to determine which hypothesis is more plausible; the hypothesis that money demand is stable, or the hypothesis that money demand is unstable. We find that the stability hypothesis is the more plausible one. Thus, according to our data set, the answer to the question in the title is "yes".
Parola chiave: Money supply, M1, Regression analysis, Money demand, and Money demand regressions Soggetto: E51 - Money Supply; Credit; Money Multipliers and E41 - Demand for Money
Creator: Braun, R. Anton and McGrattan, Ellen R. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 527 Parola chiave: Women, Men, Hours per worker , Homework, Household production, Employment, and Family labor supply Soggetto: D13 - Household Production and Intrahousehold Allocation and J22 - Time Allocation and Labor Supply