Coverart for item
The Resource Fiscal foresight and information flows, Eric M. Leeper, Todd B. Walker, and Shu-Chun Susan Yang, (electronic resource)

Fiscal foresight and information flows, Eric M. Leeper, Todd B. Walker, and Shu-Chun Susan Yang, (electronic resource)

Label
Fiscal foresight and information flows
Title
Fiscal foresight and information flows
Statement of responsibility
Eric M. Leeper, Todd B. Walker, and Shu-Chun Susan Yang
Creator
Contributor
Subject
Language
eng
Summary
Annotation:
Member of
Cataloging source
CaPaEBR
http://library.link/vocab/creatorName
Leeper, Eric Michael
LC call number
HB133
LC item number
.L44 2012eb
http://library.link/vocab/relatedWorkOrContributorDate
1971-
http://library.link/vocab/relatedWorkOrContributorName
  • Walker, Todd B.
  • Yang, Shu-Chun Susan
  • ebrary, Inc
  • National Bureau of Economic Research
Series statement
IMF working paper
Series volume
12/153
http://library.link/vocab/subjectName
  • Taxation
  • Fiscal policy
  • Information theory in economics
Summary expansion
News - or foresight - about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the structural shocks to which economic agents react. Using tax policies as a leading example of foresight, simple theory makes transparent the economic behavior and information structures that generate non-fundamental equilibria. Econometric analyses that fail to model foresight will obtain biased estimates of output multipliers for taxes; biases are quantitatively important when two canonical theoretical models are taken as data generating processes. Both the nature of equilibria and the inferences about the effects of anticipated tax changes hinge critically on hypothesized information flows. Different methods for extracting or hypothesizing the information flows are discussed and shown to be alternative techniques for resolving a non-uniqueness problem endemic to moving average representations
Label
Fiscal foresight and information flows, Eric M. Leeper, Todd B. Walker, and Shu-Chun Susan Yang, (electronic resource)
Instantiates
Publication
Bibliography note
Includes bibliographical references
Control code
OCM1bookssj0000953126
Dimensions
unknown
Extent
64 p.
Governing access note
License restrictions may limit access
Isbn
9781475504354
Other physical details
ill.
Specific material designation
remote
System control number
(WaSeSS)ssj0000953126
Label
Fiscal foresight and information flows, Eric M. Leeper, Todd B. Walker, and Shu-Chun Susan Yang, (electronic resource)
Publication
Bibliography note
Includes bibliographical references
Control code
OCM1bookssj0000953126
Dimensions
unknown
Extent
64 p.
Governing access note
License restrictions may limit access
Isbn
9781475504354
Other physical details
ill.
Specific material designation
remote
System control number
(WaSeSS)ssj0000953126

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