Optimal long-run fiscal policy: constraints, preferences and the resolution of uncertainty
We construct a computational dynamic stochastic overlapping generations general equilibrium model with uncertain lifetimes and explore the impact of policy stickiness (specifically, a major reform will preclude future reforms for a generation) on optimal long-run fiscal policy. Under such circumstan...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2002
|
| Series: | Working paper series / National Bureau of Economic Research
9132 |
| Online Access: | Volltext |
| Summary: | We construct a computational dynamic stochastic overlapping generations general equilibrium model with uncertain lifetimes and explore the impact of policy stickiness (specifically, a major reform will preclude future reforms for a generation) on optimal long-run fiscal policy. Under such circumstances, entitlement reforms exhaust a valuable option to move in the future. We explore the conditions under which the gain to waiting is large enough to induce optimizing policymakers to delay reforming a suboptimal system. We also allow for the uncertainty to have ARCH characteristics and explore the impact of time-varying uncertainty on the optimality of delayed policy action. |
| Item Description: | Literaturverz. S. 25 |
| Physical Description: | 25, [10] S. graph. Darst. 22 cm |
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| 520 | |a We construct a computational dynamic stochastic overlapping generations general equilibrium model with uncertain lifetimes and explore the impact of policy stickiness (specifically, a major reform will preclude future reforms for a generation) on optimal long-run fiscal policy. Under such circumstances, entitlement reforms exhaust a valuable option to move in the future. We explore the conditions under which the gain to waiting is large enough to induce optimizing policymakers to delay reforming a suboptimal system. We also allow for the uncertainty to have ARCH characteristics and explore the impact of time-varying uncertainty on the optimality of delayed policy action. | ||
| 700 | 1 | |a Hassett, Kevin A. |d 1962- |e Verfasser |0 (DE-588)122295102 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
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| index_date | 2024-07-02T22:41:24Z |
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| spelling | Auerbach, Alan J. 1951- Verfasser (DE-588)124566537 aut Optimal long-run fiscal policy constraints, preferences and the resolution of uncertainty Alan J. Auerbach ; Kevin Hassett Cambridge, Mass. National Bureau of Economic Research 2002 25, [10] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 9132 Literaturverz. S. 25 We construct a computational dynamic stochastic overlapping generations general equilibrium model with uncertain lifetimes and explore the impact of policy stickiness (specifically, a major reform will preclude future reforms for a generation) on optimal long-run fiscal policy. Under such circumstances, entitlement reforms exhaust a valuable option to move in the future. We explore the conditions under which the gain to waiting is large enough to induce optimizing policymakers to delay reforming a suboptimal system. We also allow for the uncertainty to have ARCH characteristics and explore the impact of time-varying uncertainty on the optimality of delayed policy action. Hassett, Kevin A. 1962- Verfasser (DE-588)122295102 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 9132 (DE-604)BV002801238 9132 http://papers.nber.org/papers/w9132.pdf kostenfrei Volltext |
| spellingShingle | Auerbach, Alan J. 1951- Hassett, Kevin A. 1962- Optimal long-run fiscal policy constraints, preferences and the resolution of uncertainty |
| title | Optimal long-run fiscal policy constraints, preferences and the resolution of uncertainty |
| title_auth | Optimal long-run fiscal policy constraints, preferences and the resolution of uncertainty |
| title_exact_search | Optimal long-run fiscal policy constraints, preferences and the resolution of uncertainty |
| title_exact_search_txtP | Optimal long-run fiscal policy constraints, preferences and the resolution of uncertainty |
| title_full | Optimal long-run fiscal policy constraints, preferences and the resolution of uncertainty Alan J. Auerbach ; Kevin Hassett |
| title_fullStr | Optimal long-run fiscal policy constraints, preferences and the resolution of uncertainty Alan J. Auerbach ; Kevin Hassett |
| title_full_unstemmed | Optimal long-run fiscal policy constraints, preferences and the resolution of uncertainty Alan J. Auerbach ; Kevin Hassett |
| title_short | Optimal long-run fiscal policy |
| title_sort | optimal long run fiscal policy constraints preferences and the resolution of uncertainty |
| title_sub | constraints, preferences and the resolution of uncertainty |
| url | http://papers.nber.org/papers/w9132.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT auerbachalanj optimallongrunfiscalpolicyconstraintspreferencesandtheresolutionofuncertainty AT hassettkevina optimallongrunfiscalpolicyconstraintspreferencesandtheresolutionofuncertainty |