Searching for non-monotonic effects of fiscal policy: new evidence
Data revisions and the availability of a longer sample offer the opportunity to reconsider the empirical findings that suggest that in the OECD countries national saving responds non-monotonically to fiscal policy. The paper confirms that the circumstance most likely to give rise to a non-monotonic...
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11593 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Data revisions and the availability of a longer sample offer the opportunity to reconsider the empirical findings that suggest that in the OECD countries national saving responds non-monotonically to fiscal policy. The paper confirms that the circumstance most likely to give rise to a non-monotonic response of national saving to a fiscal impulse is a "large and persistent impulse", defined as one in which the full employment surplus, as a percent of potential output, changes by at least 1.5 percentage points per year over a two-year period. This particular circumstance remains the only statistically significant one even when we allow for non-monotonic responses to arise when public debt is growing rapidly or interest rate spreads are widening. We find that non-monotonic responses are similar for fiscal contractions and expansions. In particular, an increase in net taxes has no effect on national saving during large fiscal contractions or expansions. For government consumption there is a large, albeit in some specifications less then complete, offset during expansions or contractions. |
| Beschreibung: | 23 S. graph. Darst. |
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| illustrated | Illustrated |
| index_date | 2024-07-02T13:43:48Z |
| indexdate | 2024-07-09T20:34:17Z |
| institution | BVB |
| language | English |
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| physical | 23 S. graph. Darst. |
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| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Searching for non-monotonic effects of fiscal policy new evidence Francesco Giavazzi ... Cambridge, Mass. National Bureau of Economic Research 2005 23 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11593 Data revisions and the availability of a longer sample offer the opportunity to reconsider the empirical findings that suggest that in the OECD countries national saving responds non-monotonically to fiscal policy. The paper confirms that the circumstance most likely to give rise to a non-monotonic response of national saving to a fiscal impulse is a "large and persistent impulse", defined as one in which the full employment surplus, as a percent of potential output, changes by at least 1.5 percentage points per year over a two-year period. This particular circumstance remains the only statistically significant one even when we allow for non-monotonic responses to arise when public debt is growing rapidly or interest rate spreads are widening. We find that non-monotonic responses are similar for fiscal contractions and expansions. In particular, an increase in net taxes has no effect on national saving during large fiscal contractions or expansions. For government consumption there is a large, albeit in some specifications less then complete, offset during expansions or contractions. Finanzpolitik / Sparen / OECD-Staaten Giavazzi, Francesco 1949- Sonstige (DE-588)128615249 oth Jappelli, Tullio 1956- Sonstige (DE-588)128368659 oth Pagano, Marco Sonstige (DE-588)128434643 oth Benedetti, Marina Sonstige (DE-588)131404083 oth Erscheint auch als Internetausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11593 (DE-604)BV002801238 11593 http://papers.nber.org/papers/w11593.pdf kostenfrei Volltext |
| spellingShingle | Searching for non-monotonic effects of fiscal policy new evidence National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Finanzpolitik / Sparen / OECD-Staaten |
| title | Searching for non-monotonic effects of fiscal policy new evidence |
| title_auth | Searching for non-monotonic effects of fiscal policy new evidence |
| title_exact_search | Searching for non-monotonic effects of fiscal policy new evidence |
| title_exact_search_txtP | Searching for non-monotonic effects of fiscal policy new evidence |
| title_full | Searching for non-monotonic effects of fiscal policy new evidence Francesco Giavazzi ... |
| title_fullStr | Searching for non-monotonic effects of fiscal policy new evidence Francesco Giavazzi ... |
| title_full_unstemmed | Searching for non-monotonic effects of fiscal policy new evidence Francesco Giavazzi ... |
| title_short | Searching for non-monotonic effects of fiscal policy |
| title_sort | searching for non monotonic effects of fiscal policy new evidence |
| title_sub | new evidence |
| topic | Finanzpolitik / Sparen / OECD-Staaten |
| topic_facet | Finanzpolitik / Sparen / OECD-Staaten |
| url | http://papers.nber.org/papers/w11593.pdf |
| volume_link | (DE-604)BV002801238 |
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