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Journal Article

An estimated fiscal Taylor Rule for the postwar United States

Economics Letters

Authors

  • Reicher
  • C.

Publication Date

JEL Classification

E62 E63 H20 H62

Key Words

deficits

Fiscal Taylor Rule

Government Spending

Spending reversals

Steuern

taxes

transfer payments

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.

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