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Assessing the effects of fiscal shocks

Author: Craig Burnside; Martin S Eichenbaum; Jonas D M Fisher; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©2000.
Series: Working paper series (National Bureau of Economic Research), working paper no. 7459.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: This paper investigates the response of real wages and hours worked to an exogenous shock in fiscal policy. We identify this shock with the dynamic response of government purchases and tax rates to an exogenous increase in military purchases. The fiscal shocks that we isolate are characterized by highly correlated increases in government purchases, tax rates and hours worked as well as persistent declines  Read more...
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Additional Physical Format: Print version:
Burnside, Craig.
Assessing the effects of fiscal shocks.
Cambridge, MA : National Bureau of Economic Research, ©2000
(OCoLC)43470670
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Craig Burnside; Martin S Eichenbaum; Jonas D M Fisher; National Bureau of Economic Research.
OCLC Number: 70121730
Notes: "January 2000."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (36, [8] pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 7459.
Responsibility: Craig Burnside, Martin Eichenbaum, Jonas D.M. Fisher.

Abstract:

Abstract: This paper investigates the response of real wages and hours worked to an exogenous shock in fiscal policy. We identify this shock with the dynamic response of government purchases and tax rates to an exogenous increase in military purchases. The fiscal shocks that we isolate are characterized by highly correlated increases in government purchases, tax rates and hours worked as well as persistent declines in real wages. We assess the ability of standard Real Business Cycle models to account for these facts. They can-but only under the assumption that marginal income tax rates are constant, a standard assumption in the literature. Once we abandon this counterfactual assumption, RBC models cannot account for the facts. We argue that our empirical findings pose a challenge to a wide class of business cycle models.

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