Short-run fiscal policy: Welfare, redistribution and aggregate effects in the short and long-run

被引：5

作者：

Kitao, Sagiri ^{[1
]}

机构：

[1] Fed Reserve Bank New York, New York, NY 10045 USA

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2010年 / 34卷 / 10期

关键词：

Short-run fiscal policy; Life-cycle model; General equilibrium; BORROWING CONSTRAINTS; OPTIMAL TAXATION; BUSINESS CYCLES; TAX; INCOME; CONSUMPTION; DEFICITS;

D O I：

10.1016/j.jedc.2010.05.011

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper quantifies the effects of two short-run fiscal policies, a temporary tax-cut and rebate transfer, that are intended to stimulate economic activities. A reduction in income taxation provides immediate incentives to work and save more, raising aggregate output and consumption. A temporary rebate is mostly saved and increases consumption marginally. Both policies improve the overall welfare of households and the rebate policy benefits especially low-income households. In the long-run, however, the debt accumulated to finance the stimulus and a higher tax to service the debt can crowd out capital and lower output and consumption, causing welfare to deteriorate. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：2109 / 2125

页数：17

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