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200 10$aMr. Ricardo?s Great Adventure : $eEstimating Fiscal Multipliers in a Truly Intertemporal Model /$fSilvia Sgherri, Tamim Bayoumi
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (30 p.)
225 1 $aIMF Working Papers
300   $a"July 2006".
311   $a1-4518-6428-0 
320   $aIncludes bibliographical references.
327   $a""Contents""; ""I. INTRODUCTION""; ""II. SOME THEORY""; ""III. SOME ESTIMATES""; ""IV. SOME ANALYSIS""; ""V. SOME CONCLUSIONS""; ""REFERENCES""
330 3 $aWe estimate tax multipliers in a "Blanchard-Yaari" consumption model where Ricardian equivalence is broken because the private sector discounts the future at a faster rate than the real rate of interest. The model fits U.S. data since 1955 extremely well-entailing a discount wedge of around 20 percent a year and fiscal multipliers of 0.15-0.4-depending on the permanence of the change in taxes/transfers, and is much superior to one that assumes some consumers are fully Ricardian and others follow simple rules of thumb. The implied high private sector rate of discount has wide implications for policymakers.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/168
606   $aFiscal policy
606   $aMultiplier (Economics)
606   $aEconometrics$2imf
606   $aMacroeconomics$2imf
606   $aPersonal Income, Wealth, and Their Distributions$2imf
606   $aAggregate Factor Income Distribution$2imf
606   $aMacroeconomics: Consumption$2imf
606   $aSaving$2imf
606   $aWealth$2imf
606   $aEstimation$2imf
606   $aEconometrics & economic statistics$2imf
606   $aIncome$2imf
606   $aPersonal income$2imf
606   $aConsumption$2imf
606   $aDisposable income$2imf
606   $aEstimation techniques$2imf
606   $aEconomics$2imf
606   $aNational income$2imf
606   $aEconometric models$2imf
607   $aUnited States$2imf
615  0$aFiscal policy.
615  0$aMultiplier (Economics)
615  7$aEconometrics
615  7$aMacroeconomics
615  7$aPersonal Income, Wealth, and Their Distributions
615  7$aAggregate Factor Income Distribution
615  7$aMacroeconomics: Consumption
615  7$aSaving
615  7$aWealth
615  7$aEstimation
615  7$aEconometrics & economic statistics
615  7$aIncome
615  7$aPersonal income
615  7$aConsumption
615  7$aDisposable income
615  7$aEstimation techniques
615  7$aEconomics
615  7$aNational income
615  7$aEconometric models
700   $aSgherri$b Silvia$01491226
701   $aBayoumi$b Tamim$0122763
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788695603321
996   $aMr. Ricardo?s Great Adventure$93823284
997   $aUNINA