To starve or not to starve the beast? /
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| Author / Creator: | Kumhof, Michael, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2010. |
| Description: | 1 online resource (36 pages) : color illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/10/199 IMF working paper ; WP/10/199. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12498672 |
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| 100 | 1 | |a Kumhof, Michael, |e author. |0 http://id.loc.gov/authorities/names/no2002021979 | |
| 245 | 1 | 0 | |a To starve or not to starve the beast? / |c prepared by Michael Kumhof, Douglas Laxton and Daniel Leigh. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2010. | ||
| 300 | |a 1 online resource (36 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/10/199 | |
| 504 | |a Includes bibliographical references. | ||
| 588 | 0 | |a Print version record. | |
| 520 | 3 | |a For thirty years prominent voices have advocated a policy of starving the beast cutting taxes to force government spending cuts. This paper analyzes the macroeconomic and welfare consequences of this policy using a two-country general equilibrium model. Under several strong assumptions the policy, if fully implemented, produces domestic output and welfare gains accompanied by losses elsewhere. But negative effects can easily arise in the presence of longer policy implementation lags, utility-enhancing government spending, and productive government capital. Overall, the analysis finds no support for the idea that starving the beast is a foolproof way towards higher output and welfare. | |
| 505 | 0 | |a Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. The Model; A. Households; B. Firms; 1. Manufacturers; 2. Distributors; 3. Retailers; C. Government; 1. Fiscal Policy; 2. Starving-the-Beast; 3. Monetary Policy; III. Calibration; IV. Welfare; A. Benchmark Welfare: No Government Spending in Utility; B. Alternative Welfare: With Government Spending in Utility; V. Results; 1. Base Case; 2. Slower Expenditure Adjustment; 3. Government Investment Cut; 4. Capital Income Tax Cut; 5. Longer Planning Horizons; 6. Inelastic Labor Supply; 7. Undoing the Tax Cut. | |
| 505 | 8 | |a 1. Macroeconomic Effects (in percent deviation from initial steady state)2. Benchmark Welfare -- No Government Spending in Utility Function; 3. Alternative Welfare -- With Government Spending in Utility Function; A. Baseline Experiment; B. Sensitivity Analysis; 1. Slower Expenditure Adjustment; 2. Government Investment Cut; 3. Capital Income Tax Cut; 4. Longer Planning Horizons; 5. Inelastic Labor Supply; 6. Undoing the Tax Cut; C. The Relationship between Welfare and Discount Rates; VI. Conclusions; References; Footnotes. | |
| 650 | 0 | |a Government spending policy. |0 http://id.loc.gov/authorities/subjects/sh85056108 | |
| 650 | 0 | |a Taxation |x Econometric models. |0 http://id.loc.gov/authorities/subjects/sh2007000021 | |
| 650 | 0 | |a Budget deficits |x Econometric models. | |
| 650 | 6 | |a Dépenses publiques |x Politique gouvernementale. | |
| 650 | 6 | |a Déficit budgétaire |x Modèles économétriques. | |
| 650 | 7 | |a Budget deficits |x Econometric models. |2 fast |0 (OCoLC)fst00840406 | |
| 650 | 7 | |a Government spending policy. |2 fast |0 (OCoLC)fst00945615 | |
| 650 | 7 | |a Taxation |x Econometric models. |2 fast |0 (OCoLC)fst01143897 | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Laxton, Douglas, |e author. |0 http://id.loc.gov/authorities/names/no92032009 | |
| 700 | 1 | |a Leigh, Daniel, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Research Department, |e issuing body. |0 http://id.loc.gov/authorities/names/n77001219 | |
| 776 | 0 | 8 | |i Print version: |a Kumhof, Michael. |t To Starve or not to Starve the Beast? |d Washington : International Monetary Fund, ©2010 |z 9781455205295 |
| 830 | 0 | |a IMF working paper ; |v WP/10/199. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2010/199/001.2010.issue-199-en.xml |y INTERNATIONAL MONETARY FUND |
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