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1、Whatarethee ectsof scalshocks?I:RBCmodelsFabioCanovaICREA-UPF,CREI,CREMeD,AMeNandCEPRMay2010ReferencesBaxter,M.andKing,R.,1993,FiscalPolicyinGeneralEquilibrium,AmericanEconomicReview,83,315-334.Finn,G.M.,1998,Cyclicale ectsofgovernmentemploymentandgoodspurchases,Inter-nationalEconom
2、icReview,39,635-657.Aschauer,D.A.,Ispublicexpenditureproductive?,1989,JournalofMonetaryEconomics,23,177-200.Braun,T.,1994,TaxdisturbancesandrealeconomicactivityinthepostwarUS,JournalofMonetaryEconomics,33,441-462.Bouakez,H.andN.Rebei,2007,Whydoesprivateconsumptionriseafteragovernmen
3、tspendingshock?,CanadianJournalofEconomics,40,954-979.Cipollone,P.andRosolia,A.,2007,SocialInteractioninHighSchool:Lessonsfromanearthquake,AmericanEconomicReview,97,948-965.LudvigsonC.S.,1996,TheMacroeconomicE ectsofGovernmentDebtinaStochasticGrowthModel,JournalofMonetaryEconomics,3
4、8,25-45.McGattan,E.,1994,Themacroeconomice ectsofdistortionarytaxation,JournalofMonetaryEconomics,33,573{601.OutlineTransitorybalancedbudgetexpenditureshocks( nancedbylumpsumanddistortingtaxes).Temporarytaxcutsortemporaryexpenditureincreases?Temporaryvs.Permanentexpenditureshocks
5、?LabormarketdynamicsWar nancing.Debt nancedexpenditureshocks(withandwithoutfeedbackrules).Governmentconsumptionvs.investmentshocks.Militarydraft.1IntroductionSeveralquestionsofinterest:1)Doesitmatterifanexpenditureshockisdebt nancedorifaperiodbyperiodbalancedbudgetisimposed?2)I
6、fabalancebudgetruleisuseddoesitmatteriftaxesaredistortingornot?3)Arerevenuecuts"moreexpansionary"thanexpenditureincreases?4)Doesitmatterifspendingortaxshocksarereversedinthefuture?5)Dotransitoryshockshavedi erente ectsthanpermanentshocks?6)Whichkindoftaxesislessdistortingoverthebusi
7、nesscycle?7)Arethee ectsofgovernmentinvestmentexpendituredi erentthanthoseofgovernmentconsumptionexpenditure?8)Aregovernmentemploymentshocks"good" scalinstruments?2Aneoclassical(RBC)framework-Competitivemarkets,representativeagentmodel.-Leisure-laborchoice;capitalaccumulation.-Expen
8、diture(Gt)andtransf
