skip to content
Fiscal shocks and their consequences Preview this item
ClosePreview this item
Checking...

Fiscal shocks and their consequences

Author: Craig Burnside; Martin S Eichenbaum; Jonas D M Fisher; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2003.
Series: Working paper series (National Bureau of Economic Research), no. 9772.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: This paper investigates the response of hours worked and real wages to fiscal policy shocks in the U.S. during the post World War II era. We identify these shocks with exogenous changes in military purchases and argue that they lead to a persistent increase in government purchases and tax rates on capital and labor income, and a persistent rise in aggregate hours worked as well as declines in real wages.  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

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: 53102097
Notes: "June 2003."
Description: 1 online resource (36, [8] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 9772.
Responsibility: Craig Burnside, Martin Eichenbaum, Jonas Fisher.

Abstract:

Abstract: This paper investigates the response of hours worked and real wages to fiscal policy shocks in the U.S. during the post World War II era. We identify these shocks with exogenous changes in military purchases and argue that they lead to a persistent increase in government purchases and tax rates on capital and labor income, and a persistent rise in aggregate hours worked as well as declines in real wages. The shocks are also associated with short lived rises in aggregate investment and small movements in private consumption. We describe and implement a methodology for assessing whether standard neoclassical models can account for the consequences of a fiscal policy shock. Simple versions of the neoclassical model can account for the qualitative effects of a fiscal shock. Once we allow for habit formation and investment adjustment costs, the model can also account reasonably well for the quantitative effects of a fiscal shock.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/53102097> # Fiscal shocks and their consequences
    a schema:MediaObject, schema:CreativeWork, schema:Book ;
    library:oclcnum "53102097" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/10330503#Place/cambridge_mass> ; # Cambridge, Mass.
    schema:about <http://experiment.worldcat.org/entity/work/data/10330503#Topic/fiscal_policy_united_states_econometric_models> ; # Fiscal policy--United States--Econometric models
    schema:about <http://id.worldcat.org/fast/945551> ; # Government purchasing--Econometric models
    schema:about <http://id.worldcat.org/fast/842461> ; # Business cycles--Econometric models
    schema:about <http://id.worldcat.org/fast/1169604> ; # Wages--Econometric models
    schema:about <http://id.loc.gov/authorities/subjects/sh2009117950> ; # Business cycles--Econometric models
    schema:about <http://id.worldcat.org/fast/925810> ; # Fiscal policy--Econometric models
    schema:about <http://id.worldcat.org/fast/1204155> ; # United States.
    schema:about <http://id.worldcat.org/fast/1143897> ; # Taxation--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/10330503#Topic/taxation_united_states_econometric_models> ; # Taxation--United States--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/10330503#Topic/wages_econometric_models> ; # Wages--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/10330503#Topic/government_purchasing_united_states_econometric_models> ; # Government purchasing--United States--Econometric models
    schema:bookFormat schema:EBook ;
    schema:contributor <http://viaf.org/viaf/135446122> ; # National Bureau of Economic Research.
    schema:contributor <http://viaf.org/viaf/45352522> ; # Martin S. Eichenbaum
    schema:contributor <http://viaf.org/viaf/114997992> ; # Jonas Daniel Maurice Fisher
    schema:copyrightYear "2003" ;
    schema:creator <http://viaf.org/viaf/85276428> ; # Craig Burnside
    schema:datePublished "2003" ;
    schema:description "Abstract: This paper investigates the response of hours worked and real wages to fiscal policy shocks in the U.S. during the post World War II era. We identify these shocks with exogenous changes in military purchases and argue that they lead to a persistent increase in government purchases and tax rates on capital and labor income, and a persistent rise in aggregate hours worked as well as declines in real wages. The shocks are also associated with short lived rises in aggregate investment and small movements in private consumption. We describe and implement a methodology for assessing whether standard neoclassical models can account for the consequences of a fiscal policy shock. Simple versions of the neoclassical model can account for the qualitative effects of a fiscal shock. Once we allow for habit formation and investment adjustment costs, the model can also account reasonably well for the quantitative effects of a fiscal shock."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/10330503> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/10330503#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/10330503#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:name "Fiscal shocks and their consequences"@en ;
    schema:productID "53102097" ;
    schema:publication <http://www.worldcat.org/title/-/oclc/53102097#PublicationEvent/cambridge_mass_national_bureau_of_economic_research_2003> ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/10330503#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
    schema:url <http://VH7QX3XE2P.search.serialssolutions.com/?V=1.0&L=VH7QX3XE2P&S=AC_T_B&C=Fiscal%20Shocks%20and%20Their%20Consequences&T=marc&tab=BOOKS> ;
    schema:url <http://www.nber.org/papers/w9772> ;
    schema:url <http://www.library.yorku.ca/e/resolver/id/1956668> ;
    schema:url <http://papers.nber.org/papers/w9772> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/53102097> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/10330503#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
    schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/10330503#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
    schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/10330503#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/53102097> ; # Fiscal shocks and their consequences
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/10330503#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/53102097> ; # Fiscal shocks and their consequences
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/10330503#Topic/fiscal_policy_united_states_econometric_models> # Fiscal policy--United States--Econometric models
    a schema:Intangible ;
    schema:hasPart <http://id.loc.gov/authorities/subjects/sh2008103784> ;
    schema:name "Fiscal policy--United States--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/10330503#Topic/government_purchasing_united_states_econometric_models> # Government purchasing--United States--Econometric models
    a schema:Intangible ;
    schema:hasPart <http://id.loc.gov/authorities/subjects/sh2008105373> ;
    schema:name "Government purchasing--United States--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/10330503#Topic/taxation_united_states_econometric_models> # Taxation--United States--Econometric models
    a schema:Intangible ;
    schema:hasPart <http://id.loc.gov/authorities/subjects/sh85132861> ;
    schema:name "Taxation--United States--Econometric models"@en ;
    .

<http://id.loc.gov/authorities/subjects/sh2009117950> # Business cycles--Econometric models
    a schema:Intangible ;
    schema:name "Business cycles--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/1143897> # Taxation--Econometric models
    a schema:Intangible ;
    schema:name "Taxation--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/1169604> # Wages--Econometric models
    a schema:Intangible ;
    schema:name "Wages--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/1204155> # United States.
    a schema:Place ;
    schema:name "United States." ;
    .

<http://id.worldcat.org/fast/842461> # Business cycles--Econometric models
    a schema:Intangible ;
    schema:name "Business cycles--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/925810> # Fiscal policy--Econometric models
    a schema:Intangible ;
    schema:name "Fiscal policy--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/945551> # Government purchasing--Econometric models
    a schema:Intangible ;
    schema:name "Government purchasing--Econometric models"@en ;
    .

<http://viaf.org/viaf/114997992> # Jonas Daniel Maurice Fisher
    a schema:Person ;
    schema:birthDate "1965" ;
    schema:familyName "Fisher" ;
    schema:givenName "Jonas Daniel Maurice" ;
    schema:givenName "Jonas D. M." ;
    schema:name "Jonas Daniel Maurice Fisher" ;
    .

<http://viaf.org/viaf/135446122> # National Bureau of Economic Research.
    a schema:Organization ;
    schema:name "National Bureau of Economic Research." ;
    .

<http://viaf.org/viaf/45352522> # Martin S. Eichenbaum
    a schema:Person ;
    schema:familyName "Eichenbaum" ;
    schema:givenName "Martin S." ;
    schema:name "Martin S. Eichenbaum" ;
    .

<http://viaf.org/viaf/85276428> # Craig Burnside
    a schema:Person ;
    schema:familyName "Burnside" ;
    schema:givenName "Craig" ;
    schema:name "Craig Burnside" ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.