Journal Article
An estimated fiscal Taylor Rule for the postwar United States
Economics Letters
Autoren
Erscheinungsdatum
JEL Classification
E62
E63
H20
H62
Schlagworte
This paper estimates a multi-instrument fiscal Taylor Rule for the United States. Taxes and purchases
both respond strongly to deficits, while transfers do not. Taxes are procyclical; purchases are cyclical; and transfers are countercyclical. These estimates appear stable over time.
