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作者：DOTSEY, M
摘要：Existing macroeconomic theory predicts that cuts in the distortionary tax rate on capital financed by increases in government debt lead to increases in investment and output. These results are generally obtained under the unrealistic assumption that government debt is financed by nondistorting future fiscal policy. However, when current government deficits are financed by future distortionary taxation this paper shows that lower tax rates and higher deficits lead to reductions in investment an...
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作者：RIOSRULL, JV
摘要：This paper quantitatively compares allocations in calibrated large overlapping generations growth models that only differ in their market structures for insuring against aggregate risk. The findings are that the equilibrium behavior of aggregate variables is very similar across all market structures. There are only minor differences: the ratio of the volatility of aggregate consumption relative to that of investment is higher in complete market economies, due partly to the higher volatility of...
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作者：MCGRATTAN, ER
作者单位：Duke University
摘要：Prescott (1986) estimates that technology shocks account for 75% of the fluctuations in the postwar U.S. economy. This paper reestimates the contribution of technological change for a standard business cycle model that includes a public sector and fiscal disturbances. I find that a significant fraction of the variance of aggregate consumption, investment, output, capital stock, and hours of work can be explained by disturbances in labor and capital tax rates and government consumption. I also ...
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作者：MANKIW, NG; MIRON, JA; WEIL, DN
作者单位：Harvard University; Boston University; National Bureau of Economic Research
摘要：We take issue with Angelini's (1994) claim that the founding of the Federal Reserve was not responsible for a change in the stochastic process followed by short-term interest rates. We argue that Angelini's failure to reject the null hypothesis of no regime change around the date of the founding of the Fed is due to the low power of his test.
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作者：IRELAND, PN
摘要：In a simple convex model of endogenous growth, the expansionary effects of a deficit-financed tax cut are often strong enough to allow the government debt to be paid off in the long run without the need for subsequent tax increases. A permanent and substantial reduction in marginal rates of income taxation can provide for both vigorous real economic growth and long-run government budget balance.
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作者：THOMPSON, P; WALDO, D
作者单位：State University System of Florida; University of Florida
摘要：Previous models of quality improvements focus on what Schumpeter called 'competitive capitalism'. Innovating firms drive their rivals out of business. In this paper, a model which captures important aspects of Schumpter's notion of 'trustified capitalism' is developed. Innovating firms capture market share from their rivals but do not drive them out of business. Most of the results of earlier models carry over. For example, the determinants of the growth rate of quality are exactly the same as...
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作者：MELTZER, AH
作者单位：American Enterprise Institute for Public Policy Research
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作者：BRAUN, RA
作者单位：University of Virginia
摘要：This paper investigates the macroeconomic effects of cyclical fluctuations in marginal tax rates. It finds that systematically including tax variables in a standard real business cycle model substantially improves the model's ability to reproduce basic facts about postwar U.S. business cycle fluctuations. In particular, modeling fluctuations in personal and corporate income tax rates increases the model's predicted relative variability of hours and decreases its predicted correlation between h...
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作者：LUCAS, DJ
摘要：This paper studies asset prices and consumption patterns in an infinite horizon model with borrowing constraints and uninsurable idiosyncratic shocks to labor income. Calibration experiments demonstrate that idiosyncratic shocks to income are effectively smoothed through transactions in the securities market; consumption and asset prices are similar to those predicted in the representative agent model. This suggests that the equity premium puzzle is robust to several important sources of marke...
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作者：FUERST, TS
摘要：This paper develops a general equilibrium model in which monetary disturbances have effects reminiscent of Roosa's classic description of the availability doctrine. The model is a marriage of the modern credit rationing literature and the recent sluggish cash flow models of monetary transmission. Both elements are crucial. The credit rationing aspect leads to a focus upon the quantity or availability of credit. However, the rationing model in and of itself is a real model, and there is no reas...
