中級宏觀經(jīng)濟(jì)學(xué)上海財(cái)經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院沈凌16government3(56)-閱讀頁
2024-08-11 03:44本頁面
【正文】 These people will not share in the benefits from the earlier tax cut. Present taxpayers would not feel wealthier if they counted fully the present value of the prospective taxes on descendants. Macroeconomics Chapter 14 47 Economic Effects of a Budget Deficit ? Finite lifetimes ? However, most people have private intergenerational transfers ? Public debt changes the optimal private transfers – offset the effect of public debt ? Uncertainty of future taxes? – precautionary saving Macroeconomics Chapter 14 48 Economic Effects of a Budget Deficit ? Imperfect credit markets ? When credit markets are imperfect, some households will calculate present values of future real taxes by using a real interest rate above the government’s rate. ? Thus, public debt is not a burden Macroeconomics Chapter 14 49 Economic Effects of a Budget Deficit ? Empirical evidence ? Budget deficit and national saving Causality? Correlation? ? US and Canada. ? Israel in 198387 Macroeconomics Chapter 14 50 Social Security ? Retirement benefits paid through social security programs are substantial in the United States and most other developed countries. ? Feldstein argues that these public pension programs reduce saving and investment. Macroeconomics Chapter 14 51 Social Security ? Social security is not a fully funded system. ? workers’ payments accumulate in a trust fund, which later provides for retirement benefits. ? payasyougo system, in which benefits to elderly persons are financed by taxes on the currently young. Macroeconomics Chapter 14 52 Social Security ? economic effects of social security in a payasyougo system. ? When a social security system starts or expands, elderly persons experience an increase in the present value of their social security benefits of taxes. ? The increase in the present value of real transfers of real taxes implies a positive ine effect on the consumption of this group. Macroeconomics Chapter 14 53 Social Security ? economic effects of social security in a payasyougo system. ? Young persons face higher taxes, offset by the prospect of higher retirement benefits. ? the fall in consumption by the currently young tends to be smaller in size than the increase for the currently old. ? we predict an increase in current aggregate consumption. Or, to put it another way, total private saving declines. Macroeconomics Chapter 14 54 Social Security ? The decline in national saving leads in the short run to a decrease in investment and, in the long run, to a reduced stock of capital. ? Same logic as the case of a deficitfinanced tax cut Macroeconomics Chapter 14 55 OpenMarket Operations ? Openmarket operations. ? An openmarket purchase occurs when the central bank, such as the Federal Reserve, buys bonds—typically government bonds—with newly created money. ? an openmarket purchase has the same effects as the unrealistic helicopter drop of money Macroeconomics Chapter 14 56 OpenMarket Operations
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