Mr Ricardo's great adventure : estimating fiscal multipliers in a truly intertemporal model / / prepared by Tamim Bayoumi and Silvia Sgherri

• Autore: Bayoumi Tamim A
• Pubblicazione: [Washington, D.C.], : International Monetary Fund, IMF Institute, 2006
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (30 p.)
• Soggetto topico: Fiscal policy; Multiplier (Economics)
• Altri autori: SgherriSilvia
• Note generali: "July 2006".
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. SOME THEORY""; ""III. SOME ESTIMATES""; ""IV. SOME ANALYSIS""; ""V. SOME CONCLUSIONS""; ""REFERENCES""
• Sommario/riassunto: 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.
• Titolo autorizzato: Mr. Ricardo’s Great Adventure
• ISBN: 1-4623-4677-4; 1-4519-9541-5; 1-283-51821-X; 1-4519-8599-1; 9786613830661
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910808879103321
• Lo trovi qui: Univ. Federico II
• Serie: IMF working paper ; ; WP/06/168.