留学生政府债务作业范文参考 [6]
论文作者:英语论文论文属性:本科毕业论文 Thesis登出时间:2014-10-22编辑:yangcheng点击率:15282
论文字数:5703论文编号:org201409182323537527语种:英语 English地区:美国价格:免费论文
关键词:债务政府支出凯恩斯多重影响家用消费
摘要:本文是一篇留学生的政府债务论文,政府支出效应对于个人消费的冲击已经很长时间处于宏观经济政策的商榷的中心舞台。正如Tobin在1952年最初在一篇文章中发表的一样。
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Uncertainity also plays its part in explaining the failure of ricardian equivalence. In this case its uncertainity of future income that comes to the fore. Fieldstein(1988) shows that even if altruism is the only bequest motive in the prevailing economy , the taxes are lump sum and there may be no uncertainityon the date of an individual's death, if future earnings are uncertain, bequests too are cast into doubt. Related to the case of income uncertainity is another explanation of the failure of ricardian equivalence. The bounded rationality model suggests that consumers should make rational forecasts regarding their future income and thus be able to distinguish between temporary and permanent changes in taxes/deficits to rapidly adjust all their nominal and real variables. This rapid adjustment though sounds simple involves alot of complex calculation and data which is not possible by consumers. Reiter(1999) demonstrates that even if a small number of consumers are uninformed the equivalence perishes, unless they predict the pattern of government expenditure by variables at their disposal that are perfectly correlated with it.
In a recent contribution Seigel(1998) propounds the role of government acting as an intermediary between generations. The relavant case he brings forward is in the provision of defense and shows that it may not hold. Defense expenditures provides protection to bequests against loss, theft or confiscation in a war. Debt finance for defense expenditures would not show a 1 to 1 rise in savings. The main difference of this contributionis that both the structure of tax and expenditure are considered same i.e. the government is providing a service not a costless intergenerational transfer.
In mentioning few of the prominent theoretical literature regarding the ricardian equivalence theory we conclude that the arguments that they present seem soundly based. However, instances like credit constrained consumers where there are certain market imperfections present wealth positive effects of defcit financing may exist. These effects are expected to cancel out on average and as first precluded to in the paper ricardian equivalence may hold as a close approximation. This issue has been ultimately passed down to be tested on empirical grounds.
The theory has been subject to different types of tests using euler equation estimation , studies of interest rates, aggregate consumption functions, budhet deficits and respective trade deficits. These tests are also plagued by many methodological problems, the main one being endogeniety of variables in question. Budgetary deficits , income , interest rates and government expenditure may all be calculated simultaneously. Another common problem is the treatment of trends within data the question being wether they are deterministic or random, both these explanations lead to different treatments like including time as an explanatory variable or using first differences of data respectively.
Kormendi(1983) presents his consolidated approach towards debt neutrality. This has been seen as the strongest evidence in favour of debt neutrality. According to him the standard approach of testing on aggregate consumption by writers like Fieldstein(1982). Involves a set of asymmetric assumptions with regard to how households perceive fiscal policy. The current period taxes are indeed perceived in full and current government e
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