03747oam 22009854 450 991078869560332120230828230421.01-4623-4677-41-4519-9541-51-283-51821-X1-4519-8599-19786613830661(CKB)3360000000443990(EBL)3014375(SSID)ssj0000942138(PQKBManifestationID)11505455(PQKBTitleCode)TC0000942138(PQKBWorkID)10971276(PQKB)10392550(OCoLC)698585614(MiAaPQ)EBC3014375(IMF)WPIEE2006168(EXLCZ)99336000000044399020020129d2006 uf 0engur|n|---|||||txtccrMr. Ricardo’s Great Adventure : Estimating Fiscal Multipliers in a Truly Intertemporal Model /Silvia Sgherri, Tamim BayoumiWashington, D.C. :International Monetary Fund,2006.1 online resource (30 p.)IMF Working Papers"July 2006".1-4518-6428-0 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. SOME THEORY""; ""III. SOME ESTIMATES""; ""IV. SOME ANALYSIS""; ""V. SOME CONCLUSIONS""; ""REFERENCES""We estimate tax multipliers in a "Blanchard-Yaari" consumption model where Ricardian equivalence is broken because the private sector discounts the future at a faster rate than the real rate of interest. The model fits U.S. data since 1955 extremely well-entailing a discount wedge of around 20 percent a year and fiscal multipliers of 0.15-0.4-depending on the permanence of the change in taxes/transfers, and is much superior to one that assumes some consumers are fully Ricardian and others follow simple rules of thumb. The implied high private sector rate of discount has wide implications for policymakers.IMF Working Papers; Working Paper ;No. 2006/168Fiscal policyMultiplier (Economics)EconometricsimfMacroeconomicsimfPersonal Income, Wealth, and Their DistributionsimfAggregate Factor Income DistributionimfMacroeconomics: ConsumptionimfSavingimfWealthimfEstimationimfEconometrics & economic statisticsimfIncomeimfPersonal incomeimfConsumptionimfDisposable incomeimfEstimation techniquesimfEconomicsimfNational incomeimfEconometric modelsimfUnited StatesimfFiscal policy.Multiplier (Economics)EconometricsMacroeconomicsPersonal Income, Wealth, and Their DistributionsAggregate Factor Income DistributionMacroeconomics: ConsumptionSavingWealthEstimationEconometrics & economic statisticsIncomePersonal incomeConsumptionDisposable incomeEstimation techniquesEconomicsNational incomeEconometric modelsSgherri Silvia1491226Bayoumi Tamim122763DcWaIMFBOOK9910788695603321Mr. Ricardo’s Great Adventure3823284UNINA