RETHINKING THE EFFECTS OF FISCAL POLICY ON MACROECONOMIC AGGREGATES: A DISAGGREGATED SVAR ANALYSIS
Küçük Resim Yok
Tarih
2015
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Inst Economic Forecasting
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
This paper characterizes the dynamic effects of net tax and government spending shocks on several macroeconomic aggregates in four OECD countries using a structural VAR approach. For the first time in the literature, I propose a structural decomposition of total net taxes into four components: corporate income taxes, income taxes, indirect taxes and social insurance taxes. The paper provides estimates of the responses of macroeconomic aggregates to innovations in these net tax components. Decompositions of total net tax innovations show that net tax components have different impacts on economic variables depending upon the strength of wealth, substitution, and income effects reflecting the structure of the economies.
Açıklama
Anahtar Kelimeler
Fiscal shocks; Tax policy; decomposition; income effect; wealth effect
Kaynak
Romanian Journal Of Economic Forecasting
WoS Q Değeri
Q4
Scopus Q Değeri
Cilt
18
Sayı
3
