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An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output
Abstract
This paper characterizes the dynamic effects of shocks in government spending and taxes on U. S. activity in the postwar period. It does so by using a mixed structural VAR/event study approach. Identification is achieved by using institutional information about the tax and transfer systems to identify the automatic response of taxes and spending to activity, and, by implication, to infer fiscal shocks. The results consistently show positive government spending shocks as having a positive effect on output, and positive tax shocks as having a negative effect. One result has a distinctly nonstandard flavor: both increases in taxes and increases in government spending have a strong negative effect on investment spending.
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Citations
Cited by
Understanding the Effects of Government Spending on Consumption
Galí, J., López-Salido, J. D., & Vallés, J. (2007) · Journal of the European Economic Association · doi:10.1162/jeea.2007.5.1.227 · Cited by 1,922
What are the effects of fiscal policy shocks?
Mountford, A., & Uhlig, H. (2009) · Journal of Applied Econometrics · doi:10.1002/jae.1079 · Cited by 1,349
The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States
Mertens, K., & Ravn, M. O. (2013) · American Economic Review · doi:10.1257/aer.103.4.1212 · Cited by 1,019
Macroeconomic Effects From Government Purchases and Taxes *
Barro, R. J., & Redlick, C. J. (2011) · The Quarterly Journal of Economics · doi:10.1093/qje/qjq002 · Cited by 837
Has the Business Cycle Changed and Why?
Stock, J., & Watson, M. (2002) · National Bureau of Economic Research · doi:10.3386/w9127 · Cited by 560
Metadata
- Authors
- Blanchard, O., & Perotti, R.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2002-11-01
- Volume
- 117
- Issue
- 4
- Pages
- 1329-1368
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2134689741
- Cited by
- 2,910
- References
- 0
- FWCI
- 78.17
- Type
- journal article
- Language
- en
- Open access
- closed
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- Blanchard, O., & Perotti, R. (2002). An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output. The Quarterly Journal of Economics. https://doi.org/10.1162/003355302320935043
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
