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100   $a20020129d2006      uf         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aMr. Ricardo?s Great Adventure : $eEstimating Fiscal Multipliers in a Truly Intertemporal Model /$fSilvia Sgherri, Tamim Bayoumi
205   $a1st ed.
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (30 p.)
225 1 $aIMF Working Papers
300   $a"July 2006".
311 08$a9781451864281 
311 08$a1451864280 
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   $aAggregate Factor Income Distribution$2imf
606   $aConsumption$2imf
606   $aDisposable income$2imf
606   $aEconometric models$2imf
606   $aEconometrics & economic statistics$2imf
606   $aEconometrics$2imf
606   $aEconomics$2imf
606   $aEstimation techniques$2imf
606   $aEstimation$2imf
606   $aIncome$2imf
606   $aMacroeconomics$2imf
606   $aMacroeconomics: Consumption$2imf
606   $aNational income$2imf
606   $aPersonal income$2imf
606   $aPersonal Income, Wealth, and Their Distributions$2imf
606   $aSaving$2imf
606   $aWealth$2imf
607   $aUnited States$2imf
615  0$aFiscal policy.
615  0$aMultiplier (Economics)
615  7$aAggregate Factor Income Distribution
615  7$aConsumption
615  7$aDisposable income
615  7$aEconometric models
615  7$aEconometrics & economic statistics
615  7$aEconometrics
615  7$aEconomics
615  7$aEstimation techniques
615  7$aEstimation
615  7$aIncome
615  7$aMacroeconomics
615  7$aMacroeconomics: Consumption
615  7$aNational income
615  7$aPersonal income
615  7$aPersonal Income, Wealth, and Their Distributions
615  7$aSaving
615  7$aWealth
700   $aSgherri$b Silvia$01815869
701   $aBayoumi$b Tamim$0122763
801  0$bDcWaIMF
906   $aBOOK
912   $a9910955868003321
996   $aMr. Ricardo?s Great Adventure$94371473
997   $aUNINA