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Record Nr. |
UNINA9910452627803321 |
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Autore |
Leeper Eric Michael |
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Titolo |
Fiscal foresight and information flows [[electronic resource] /] / Eric M. Leeper, Todd B. Walker, and Shu-Chun Susan Yang |
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Pubbl/distr/stampa |
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Washington, D.C., : International Monetary Fund, c2012 |
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ISBN |
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1-4755-1691-6 |
1-4755-5824-4 |
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Descrizione fisica |
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1 online resource (66 p.) |
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Collana |
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IMF working paper ; ; 12/153 |
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Altri autori (Persone) |
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WalkerTodd B (Todd Bruce) |
YangShu-Chun Susan <1971-> |
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Soggetti |
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Taxation |
Fiscal policy |
Information theory in economics |
Electronic books. |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Cover; Contents; I. Introduction; II. Analytical Example; A. The Econometrics of Foresight; Figures; 1. Responses of Capital to Tax Increase; B. Generalizations; III. Quantitative Importance of Foresight; A. Modeling Information Flows; B. Model Descriptions; C. Information Flows and Estimation Bias; Tables; 1. Information Flow Processes; IV. Solving the Problem; 2. Output Multipliers for a Labor Tax Change; A. An Organizing Principle; B. Lines of Attack; 1. The Narrative Approach; 2. Conditioning on Asset Prices; 3. Direct Estimation of DSGE Model; V. Concluding Remarks; Appendices |
I. Simulations Details II. Testing Economic Theory; III. Municipal Bonds and Fiscal Foresight: Additional Results; IV. Assessing the Ex-Ante Approach; References |
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Sommario/riassunto |
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News - or foresight - about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the structural shocks to which economic agents react. Using tax policies as a leading example of foresight, simple theory makes transparent the economic behavior and information structures that generate non- |
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