Essays in applied macroeconomics
The thesis is a collection of three self-contained essays. In the first chapter, I present evidence that the effects of US tax changes on output depend on the level of economic slack. Tax cuts have large effects in good times, but only small effects in bad times. To explain the finding, I develop a...
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| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2018 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/662936 |
| Acceso en línea: | http://hdl.handle.net/10803/662936 |
| Access Level: | acceso abierto |
| Palabra clave: | Macroeconomics 33 |
| Sumario: | The thesis is a collection of three self-contained essays. In the first chapter, I present evidence that the effects of US tax changes on output depend on the level of economic slack. Tax cuts have large effects in good times, but only small effects in bad times. To explain the finding, I develop a search model of unemployment, in which the effect of a tax cut is small when unemployment is high. In the second chapter, we show that adverse financial shocks have large and persistent effects on output, while favorable financial shocks have little effects. Our results help to reconcile contradictory findings from the two leading strands of literature on the effects of financial crises. In the third chapter, we find that credit easing leads to a sharp increase in domestic currency depreciation and inflation and a reduction in economic growth in a sample of emerging and developing economies. |
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