Arbeitspapier
An estimated fiscal Taylor rule for the postwar United States
This paper documents the systematic response of postwar U.S. fiscal policy to fiscal imbalances and the business cycle using a multivariate Fiscal Taylor Rule. Adjustments to taxes and purchases both account for a large portion of the fiscal response to debt, while authorities seem reluctant to adjust transfers. As expected, taxes are highly procyclical; purchases are acyclical; and transfers are countercyclical. Neither pattern has changed much over time, except that adjustment happens more slowly after 1981 than before 1980. The role of adjustments to purchases in stabilizing the debt indicates that the recent discussion about spending reversals is highly relevant.
- Sprache
-
Englisch
- Erschienen in
-
Series: Kiel Working Paper ; No. 1705
- Klassifikation
-
Wirtschaft
Fiscal Policy
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
Taxation, Subsidies, and Revenue: General
National Deficit; Surplus
- Thema
-
Spending reversals
Fiscal Taylor Rule
deficits
fiscal policy
taxes
spending
transfer payments
Finanzpolitik
Taylor-Regel
Konjunktur
Schätzung
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Reicher, Christopher Phillip
- Ereignis
-
Veröffentlichung
- (wer)
-
Kiel Institute for the World Economy (IfW)
- (wo)
-
Kiel
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Reicher, Christopher Phillip
- Kiel Institute for the World Economy (IfW)
Entstanden
- 2011
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