English, Article, Journal or magazine article edition: Automatic stabilizers, fiscal rules and macroeconomic stability Javier Andrés; Rafael Doménech

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Bookmark: http://trove.nla.gov.au/version/158100
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Automatic stabilizers, fiscal rules and macroeconomic stability
Author
  • Javier Andrés
  • Rafael Doménech
Physical Description
  • preprint
Notes
  • This paper analyzes the effect of the fiscal structure upon the trade-off between inflation and output stabilization in the presence of technological shocks in a DGE model with nominal and real rigidities. The model reproduces the main features of European economies and it integrates a rich menu of fiscal variables as well as a target on the debt to output ratio. The main result of this paper is that distortionary taxes tend to increase output volatility relative to lump-sum taxes unless substantial rigidities are present. We explore in detail the mechanisms that generate such a result, and the conditions under which the supply-side effects of distortionary taxes and the procyclical behaviour of public spending induced by fiscal rules prevail over the conventional effect of automatic stabilizers operating through disposable income.
  • Fiscal rules, macroeconomic stability, distortionary taxes
  • RePEc:bde:wpaper:0314
Language
  • English
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