DOES NEOCLASSICAL THEORY ACCOUNT FOR THE EFFECTS OF BIG FISCAL SHOCKS? EVIDENCE FROM WORLD WAR II

Much debate surrounds the usefulness of the neoclassical growth model for assessing the macroeconomic impact of fiscal shocks. We test the theory using data from World War II, which is by far the largest fiscal shock in the history of the United States. We take observed changes in fiscal policy duri...

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Veröffentlicht in:	International economic review (Philadelphia) 2010-05, Vol.51 (2), p.509-532
Hauptverfasser:	McGrattan, Ellen R., Ohanian, Lee E.
Format:	Artikel
Sprache:	eng
Schlagworte:	Capital income Capital investments Economic activity Economic impact Economic shock Economic theory Equilibrium models Fiscal policy Government spending Growth models Growth theory Income taxes Macroeconomics Modeling Neoclassical economics Productivity Public capital Return on capital Studies Tax rates U.S.A World War II World War Two World wars
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