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H30 - Fiscal policies and behavior of economic agents - General
删除限定条件 学科: H30 - Fiscal policies and behavior of economic agents - General
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Creator: Mehra, Rajnish. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 389 关键词: Real interest rates, Debt, Equity, Equity premium puzzle, Rietz theory, Consumption, Risk aversion, and Fiat money 学科: H30 - Fiscal policies and behavior of economic agents - General, H63 - National budget, deficit, and debt - Debt ; Debt management, D81 - Information, knowledge, and uncertainty - Criteria for decision-making under risk and uncertainty, and E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth -
Creator: Backus, David. and Kehoe, Patrick J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 359 Abstract: We show that some classes of sterilized interventions have no effect on equilibrium prices or quantities. The proof does not depend on complete markets, infinitely-lived agents, Ricardian equivalence, monetary neutrality, or the law of one price. Moreover, regressions of exchange rates or interest differentials on variables measuring the currency composition of the debt may contain no information, in our theoretical economy, about the effectiveness of such interventions. Another class of interventions requires simultaneous changes in monetary and fiscal policy; their effects depend, generally, on the influence of tax distortions, government spending, and money supplies on economic behavior. We suggest that in applying the portfolio balance approach to the study of intervention, lack 01 explicit modeling of these features is a serious flaw. 关键词: Foreign exchange law and legislation and Debts, external 学科: H30 - Fiscal policies and behavior of economic agents - General, F31 - International finance - Foreign exchange, and F41 - Macroeconomic aspects of international trade and finance - Open economy macroeconomics -
Creator: Aiyagari, S. Rao. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 353 关键词: Government policy, Deficit policy, Tax burden, Private savings behavior, Generations, and Social security 学科: H30 - Fiscal policies and behavior of economic agents - General, H55 - National government expenditures and related policies - Social security and public pensions, and E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth -
Creator: Stutzer, Michael J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 247 关键词: Time inconsistencies, Time inconsistent, Long-term capital markets, and Government planning strategies 学科: H30 - Fiscal policies and behavior of economic agents - General, H22 - Taxation, subsidies and revenue - Incidence, A22 - Economics education and teaching of economics - Undergraduate, and P16 - Capitalist systems - Political economy -
Creator: Mulligan, Casey B. Series: Great depressions of the twentieth century Abstract: I prove some theorems for competitive equilibria in the presence of distortionary taxes and other restraints of trade, and use those theorems to motivate an algorithm for (exactly) computing and empirically evaluating competitive equilibria in dynamic economies. Although its economics is relatively sophisticated, the algorithm is so computationally economical that it can be implemented with a few lines in a spreadsheet. Although a competitive equilibrium models interactions between all sectors, all consumer types, and all time periods, I show how my algorithm permits separate empirical evaluation of these pieces of the model and hence is practical even when very little data is available. For similar reasons, these evaluations are not particularly sensitive to how data is partitioned into "trends" and "cycles." I then compute a real business cycle model with distortionary taxes that fits aggregate U.S. time series for the period 1929-50 and conclude that, if it is to explain aggregate behavior during the period, government policy must have heavily taxed labor income during the Great Depression and lightly taxed it during the war. In other words, the challenge for the competitive equilibrium approach is not so much why output might change over time, but why the marginal product of labor and the marginal value of leisure diverged so much and why that wedge persisted so long. In this sense, explaining aggregate behavior during the period has been reduced to a public finance question - were actual government policies distorting behavior in the same direction and magnitude as government policies in the model? 关键词: Depressions, Competitive equilibrium models, Taxes, and World War 2 学科: H30 - Fiscal policies and behavior of economic agents - General, C68 - Mathematical methods and programming - Computable general equilibrium models, and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles