Household Debt and the Dynamic Effects of Income Tax Changes

被引：55
作者：
Cloyne, James S. [1 ,2 ,3 ]
Surico, Paolo [2 ,4 ]
机构：
[1] Bank England, London, England
[2] CEPR, London, England
[3] CFM, London, England
[4] London Business Sch, London, England
来源：
REVIEW OF ECONOMIC STUDIES | 2017年 / 84卷 / 01期
基金：
欧洲研究理事会;
关键词：
Fiscal policy; narrative tax changes; household debt; POLICY SHOCKS; CONSUMPTION;
D O I：
10.1093/restud/rdw021
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a new narrative measure of fiscal policy shocks for the U.K., we show that households with mortgage debt exhibit large and significant consumption responses to tax changes. Homeowners without a mortgage, in contrast, do not adjust their expenditure, with responses not statistically different from zero at all horizons. We compare our findings to the predictions of traditional and newer theories of liquidity constraints, providing a novel interpretation for the aggregate effects of tax changes on the macroeconomy.
引用
收藏
页码：45 / 81
页数：37
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