This paper reviews the theoretical and empirical literature on the effectiveness of fiscal
policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can …

One of the main rationales for taxing consumption rather than income is that it is believed
that consumption taxes discourage consumption, encourage savings, and thus generate …

Using quarterly data for the United States, the evidence differentiates the effects of
expansionary and contractionary shocks to government spending around an anticipated …

From estimates of a modified life-cycle consumer expenditure function (LCF), Feldstein
(1996) concluded that Social Security old age benefits reduced 1992 private saving by more …

This paper presents a strategy for conducting Bayesian inference in the triangular
cointegration model. A Jeffreys prior is used to circumvent an identification problem in the …

The paper derives a nonlinear error-correction model (ECM) for consumption and shows
that existing models that are based on quadratic utility, combine permanent income and …

This dissertation evaluates the empirical relation between the value-added tax (VAT) and
the level of aggregate consumption. Furthermore, it develops a theoretical framework and an …

In this paper we provide empirical evidence of the relationship between government
purchases and private expenditure by adopting a microeconomic approach. Using UK …

In this paper we provide empirical evidence of the relationship between government
purchases and private expenditure by adopting a microeconomic approach. Using UK …

This paper develops a generalised version of the life-cycle model in which consumers'
preferences are defined over components of consumption and are affected by the level of …