Fiscal Foresight and Information Flows is popular PDF and ePub book, written by Eric M. Leeper in 2012-06-01, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Fiscal Foresight and Information Flows can be Read Online from any device for your convenience.
Fiscal Foresight and Information Flows Book PDF Summary
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.
Detail Book of Fiscal Foresight and Information Flows PDF
- Author : Eric M. Leeper
- Release : 01 June 2012
- Publisher : International Monetary Fund
- ISBN : 9781475558241
- Genre : Business & Economics
- Total Page : 65 pages
- Language : English
- PDF File Size : 9,8 Mb
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