The general equilibrium effects of fiscal policy

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1.510.5outputinvestment1.510.50consumption−0.50 0.2 0.4 0.6 0.8 1γ0−0.51 2 3 4 5 6 7 8 9 10σ l1.51.5110.50.500−0.50 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9h−0.50 0.2 0.4 0.6 0.8 1η τw1.510.50−0.51 1.2 1.4 1.6 1.8 2ρ πFig. 16: Robustness - First year average responses to a capital income tax shock <strong>of</strong>output, consumption and investment for parameters ranges64
1.5110.50outputconsumptioninvestment−0.50 0.2 0.4 0.6 0.8 11γ0.50−0.51 2 3 4 5 6 7 8 9 101σ l0.50.50−0.50−10 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9h−0.50 0.2 0.4 0.6 0.8 1η τw10.50−0.5−1−1.5−21 1.2 1.4 1.6 1.8 2ρ πFig.17: Robustness - First year average responses to a consumption tax shock <strong>of</strong>output, consumption and investment for parameters ranges65
Page 1 and 2:
Temi di discussione(Working papers)
Page 3 and 4:
THE GENERAL EQUILIBRIUM EFFECTS OF
Page 5 and 6:
1 Introduction∗∗ This paper rec
Page 7 and 8:
In this paper we contribute to the
Page 9 and 10:
The paper is organized as follows.
Page 11 and 12:
the consumption-leisure intratempor
Page 14 and 15: The representative Ricardian househ
Page 16 and 17: positive (suggesting pro-cyclical c
Page 18 and 19: Equilibrium in the goods market req
Page 20 and 21: trend, we fit a linear spline until
Page 22 and 23: Overall, most parameters seem to be
Page 24 and 25: ill). 19 Impulse responses are for
Page 26 and 27: falls, and inflation do as well. Ov
Page 28 and 29: consumption and investment to each
Page 30 and 31: 7 Concluding remarksIn this paper w
Page 32 and 33: [13] Coenen G., P. McAdam and R. St
Page 34 and 35: [39] Schorfheide F. (2000), Loss Fu
Page 36 and 37: and of the capital accumulation equ
Page 38 and 39: and the aggregate resource constrai
Page 40 and 41: series using proxy indicators. In p
Page 42 and 43: T I 1 = general taxes on goods and
Page 44 and 45: Table 1: Selected prior and posteri
Page 46 and 47: Table 3: Variance decompositionafte
Page 48 and 49: Tax rate on labor income49443934291
Page 50 and 51: σ c1 2 3 4 5 6σ l0 0.5 12320γ1.5
Page 52 and 53: ρ z0.2 0.4 0.6 0.8 1ρ ε b0.2 0.4
Page 54 and 55: 0.8real interest rate0.4consumption
Page 56 and 57: 0.2real interest rate1consumption1i
Page 58 and 59: 1real interest rate−0.1consumptio
Page 60 and 61: 1.51output210.50−0.5consumptionin
Page 62 and 63: 210consumptionoutput10.50−1invest
Page 66 and 67: RECENTLY PUBLISHED “TEMI” (*)N.
Page 68 and 69: 2005L. DEDOLA and F. LIPPI, The mon
Page 70 and 71: F. BUSETTI, S. FABIANI and A. HARVE
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