Does neoclassical theory account for the effects of big fiscal shocks?
evidence from World War II
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Author
Contributions
- Ohanian, Lee E. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2006 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
14,000 words, Guess
Page Count
56 pages
Identifiers
- OCLC Control Number66286140
- Open LibraryOL17629727M
Description
"Some economists argue that the neoclassical growth model cannot account for the macroeconomic effects of big fiscal shocks. This paper reassesses this view. We test the theory using data from World War II, which is by far the largest fiscal shock in the history of the United States. We take observed changes in fiscal policy during the war as inputs into a parameterized, dynamic general equilibrium model and compare the values of all variables in the model to the actual values of these variables in the data. Our main finding is that the theory quantitatively accounts for macroeconomic activity during this big fiscal shock"--Federal Reserve Bank of Minneapolis web site.
Subjects
Topics
Places
Times
Series Statement
- NBER working paper series -- no. 12130.
- Working paper series (National Bureau of Economic Research) -- working paper no. 12130.
Links
Other Editions
- Does neoclassical theory account for the effects of big fiscal shocks?
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