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Autor:innen: 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Staff Report No. 442
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
This paper quantifies the effects of two short-run fiscal policies, a temporary tax cut and a temporary rebate transfer, that are intended to stimulate economic activity. A reduction in income taxation provides immediate incentives to work and save more, raising aggregate output and consumption. A temporary rebate is mostly saved and increases consumption marginally. Both policies improve the overall welfare of households, and the rebate policy especially benefits low-income households. In the long run, however, the debt accumulated to finance the stimulus and a higher tax to service the debt can crowd out capital and reduce output and consumption, causing welfare to deteriorate.
Schlagwörter: 
Short-run fiscal policy
life-cycle model
general equilibrium
JEL: 
E2
E62
H24
H6
Dokumentart: 
Working Paper

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