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Record Nr. |
UNINA9910788402703321 |
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Autore |
Muir Dirk |
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Titolo |
A New-Open-Economy Macro Model for Fiscal Policy Evaluation / / Dirk Muir, Douglas Laxton, Dennis Botman, Andrei Romanov |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-1651-4 |
1-4527-5721-6 |
1-283-51484-2 |
1-4519-0841-5 |
9786613827296 |
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Descrizione fisica |
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1 online resource (46 p.) |
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Collana |
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Altri autori (Persone) |
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LaxtonDouglas |
BotmanDennis |
RomanovAndrei |
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Soggetti |
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Fiscal policy - Econometric models |
Macroeconomics |
Banks and Banking |
Public Finance |
Taxation |
Fiscal Policy |
Open Economy Macroeconomics |
International Policy Coordination and Transmission |
Fiscal Policies and Behavior of Economic Agents: General |
Debt |
Debt Management |
Sovereign Debt |
Interest Rates: Determination, Term Structure, and Effects |
Personal Income and Other Nonbusiness Taxes and Subsidies |
Macroeconomics: Consumption |
Saving |
Wealth |
Labor Economics: General |
Public finance & taxation |
Finance |
Welfare & benefit systems |
Labour |
income economics |
Public debt |
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Real interest rates |
Labor taxes |
Consumption |
Labor |
Financial services |
Taxes |
National accounts |
Debts, Public |
Interest rates |
Income tax |
Economics |
Labor economics |
United States |
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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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Nota di bibliografia |
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Includes bibliographical references (p. 23-26). |
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Nota di contenuto |
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""Contents""; ""I. Introduction""; ""II. The Model""; ""III. The Effects of Tax Cuts in a Small and Large Open Economy""; ""IV. Sensitivity Analysis""; ""V. Conclusion""; ""References"" |
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Sommario/riassunto |
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We develop a New-Open-Economy-Macro model in which Ricardian equivalence does not hold because of (i) distortionary labor and corporate income taxation; (ii) limited asset market participation; and (iii) because the overlapping-generations structure results in a disconnect between current and future generations. We consider a permanent increase in government debt following a cut in labor or corporate income taxes in a small and large open economy. We analyze the sensitivity of the results to the key structural parameters of the model and argue that under plausible assumptions there will be significant crowding-out effects associated with permanent increases in government debt. |
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