Short-Run Effects of Fiscal Policy with Forward-Looking Financial Markets

We explore the short-run effects of fiscal policy using simulations of an empirical, rational-expectations, open-economy macromodel developed at the Federal Reserve Board. Based on this model, we find that tax cuts and spending increases generally stimulate economic activity in the short run, contra...

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Veröffentlicht in:	National tax journal 2002-09, Vol.55 (3), p.357-386
Hauptverfasser:	Elmendorf, Douglas W., Reifschneider, David L.
Format:	Artikel
Sprache:	eng
Schlagworte:	Budget deficits Capital investments Consumer economics Consumption Economic activity Economic models Economic policy Equilibrium Federal Reserve monetary policy Financial investments Financial markets Fiscal policy Government spending Gross domestic product Income taxes Influence Interest rates Macroeconomics Personal income Personal income taxes Securities markets Simulation Studies Tax cuts
Online-Zugang:	Volltext
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