Cargando…
A New-Open-Economy Macro Model for Fiscal Policy Evaluation /
We develop a New-Open-Economy-Macro model in which Ricardian equivalence does not hold because of (i) distortionary labor and corporate income taxation; (ii) limited asset market participation; and (iii) because the overlapping-generations structure results in a disconnect between current and future...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Autor Corporativo: | |
| Otros Autores: | , , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
2006.
|
| Colección: | IMF Working Papers ;
Working Paper no. 06/45. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | We develop a New-Open-Economy-Macro model in which Ricardian equivalence does not hold because of (i) distortionary labor and corporate income taxation; (ii) limited asset market participation; and (iii) because the overlapping-generations structure results in a disconnect between current and future generations. We consider a permanent increase in government debt following a cut in labor or corporate income taxes in a small and large open economy. We analyze the sensitivity of the results to the key structural parameters of the model and argue that under plausible assumptions there will be significant crowding-out effects associated with permanent increases in government debt. |
|---|---|
| Notas: | Available in PDF, ePUB, and Mobi formats on the Internet. |
| Descripción Física: | 1 online resource (46 pages) |
| Bibliografía: | Includes bibliographical references (pages 23-26). |
| ISBN: | 1451908415 9781451908411 1283514842 9781283514842 |
| ISSN: | 2227-8885 ; |