Fiscal policy over the real business cycle: a positive theory
"This paper presents a political economy theory of the behavior of fiscal policy over the business cycle. The theory predicts that, in both booms and recessions, fiscal policies are set so that the marginal cost of public funds obeys a submartingale. In the short run, fiscal policy can be pro-c...
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
14047 |
| Links: | http://papers.nber.org/papers/w14047.pdf |
| Zusammenfassung: | "This paper presents a political economy theory of the behavior of fiscal policy over the business cycle. The theory predicts that, in both booms and recessions, fiscal policies are set so that the marginal cost of public funds obeys a submartingale. In the short run, fiscal policy can be pro-cyclical with government debt spiking up upon entering a boom. However, in the long run, fiscal policy is counter-cyclical with debt increasing in recessions and decreasing in booms. Government spending increases in booms and decreases during recessions, while tax rates decrease during booms and increase in recessions. Data on tax rates from the G7 countries supports the submartingale prediction, and the correlations between fiscal policy variables and national income implied by the theory are consistent with much of the existing evidence from the U.S. and other countries"--National Bureau of Economic Research web site |
| Umfang: | 57 S. graph. Darst. 22 cm |
Internformat
MARC
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| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2008 | |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 14047 | |
| 520 | 8 | |a "This paper presents a political economy theory of the behavior of fiscal policy over the business cycle. The theory predicts that, in both booms and recessions, fiscal policies are set so that the marginal cost of public funds obeys a submartingale. In the short run, fiscal policy can be pro-cyclical with government debt spiking up upon entering a boom. However, in the long run, fiscal policy is counter-cyclical with debt increasing in recessions and decreasing in booms. Government spending increases in booms and decreases during recessions, while tax rates decrease during booms and increase in recessions. Data on tax rates from the G7 countries supports the submartingale prediction, and the correlations between fiscal policy variables and national income implied by the theory are consistent with much of the existing evidence from the U.S. and other countries"--National Bureau of Economic Research web site | |
| 700 | 1 | |a Coate, Stephen |d 1957- |e Verfasser |0 (DE-588)128866926 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
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| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-016909260 | |
Datensatz im Suchindex
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| author | Battaglini, Marco Coate, Stephen 1957- |
| author_GND | (DE-588)128866918 (DE-588)128866926 |
| author_facet | Battaglini, Marco Coate, Stephen 1957- |
| author_role | aut aut |
| author_sort | Battaglini, Marco |
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| callnumber-sort | HB 11 |
| callnumber-subject | HB - Economic Theory and Demography |
| ctrlnum | (OCoLC)254559202 (DE-599)GBV571377726 |
| format | Book |
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| id | DE-604.BV023593930 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T13:23:21Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016909260 |
| oclc_num | 254559202 |
| open_access_boolean | 1 |
| owner | DE-521 |
| owner_facet | DE-521 |
| physical | 57 S. graph. Darst. 22 cm |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Battaglini, Marco Verfasser (DE-588)128866918 aut Fiscal policy over the real business cycle a positive theory Marco Battaglini ; Stephen Coate Cambridge, Mass. National Bureau of Economic Research 2008 57 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14047 "This paper presents a political economy theory of the behavior of fiscal policy over the business cycle. The theory predicts that, in both booms and recessions, fiscal policies are set so that the marginal cost of public funds obeys a submartingale. In the short run, fiscal policy can be pro-cyclical with government debt spiking up upon entering a boom. However, in the long run, fiscal policy is counter-cyclical with debt increasing in recessions and decreasing in booms. Government spending increases in booms and decreases during recessions, while tax rates decrease during booms and increase in recessions. Data on tax rates from the G7 countries supports the submartingale prediction, and the correlations between fiscal policy variables and national income implied by the theory are consistent with much of the existing evidence from the U.S. and other countries"--National Bureau of Economic Research web site Coate, Stephen 1957- Verfasser (DE-588)128866926 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14047 (DE-604)BV002801238 14047 http://papers.nber.org/papers/w14047.pdf kostenfrei Volltext |
| spellingShingle | Battaglini, Marco Coate, Stephen 1957- Fiscal policy over the real business cycle a positive theory |
| title | Fiscal policy over the real business cycle a positive theory |
| title_auth | Fiscal policy over the real business cycle a positive theory |
| title_exact_search | Fiscal policy over the real business cycle a positive theory |
| title_full | Fiscal policy over the real business cycle a positive theory Marco Battaglini ; Stephen Coate |
| title_fullStr | Fiscal policy over the real business cycle a positive theory Marco Battaglini ; Stephen Coate |
| title_full_unstemmed | Fiscal policy over the real business cycle a positive theory Marco Battaglini ; Stephen Coate |
| title_short | Fiscal policy over the real business cycle |
| title_sort | fiscal policy over the real business cycle a positive theory |
| title_sub | a positive theory |
| url | http://papers.nber.org/papers/w14047.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT battaglinimarco fiscalpolicyovertherealbusinesscycleapositivetheory AT coatestephen fiscalpolicyovertherealbusinesscycleapositivetheory |