Fiscal policy and the nominal term premium

Arbeitspapier

We estimate a New Keynesian model on post-war US data with generalised method of moments using either constant or time- varying debt and labor income taxes. We show that accounting for government debt and distortionary taxes help the New Keynesian model match the level of the nominal term premium with a lower relative risk-aversion than typically found in the literature.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: MNB Working Papers ; No. 2019/2

Klassifikation und Themen

• Klassifikation: Wirtschaft ; General Aggregative Models: Neoclassical ; Price Level; Inflation; Deflation ; Interest Rates: Determination, Term Structure, and Effects ; Financial Markets and the Macroeconomy ; Fiscal Policy
• Thema: zero-coupon bond ; nominal term premium ; balanced budget rule ; government debt ; income taxation

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Horváth, Roman ; Kaszab, Lóránt ; Marsal, Ales
• Ereignis: Veröffentlichung
• (wer): Magyar Nemzeti Bank
• (wo): Budapest
• (wann): 2019

Weitere Informationen

• Handle: http://hdl.handle.net/10419/224097
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ