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The Limits to Discretionary Fiscal Stabilization Policy.

Abstract:

The use of discretionary fiscal policy as a counter-cyclical tool has declined in popularity over the last 30 years. This paper examines the extent to which this decline is justified in terms of developments in macroeconomic theory over this period. Both a small calibrated model and a larger econometric model suggest that the intertemporal consumer will smooth away most of the impact of temporary tax changes, even when additional discounting and credit constraints are allowed for. However, th...

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Journal:
Oxford Review of Economic Policy More from this journal
Volume:
16
Publication date:
2000-01-01
ISSN:
0266-903X
Language:
English
UUID:
uuid:cc14a659-bb61-469f-8535-f9957672b553
Local pid:
oai:economics.ouls.ox.ac.uk:11339
Deposit date:
2011-08-16

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