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Is Tax-Discounting Stable over Time?

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  • Nicoletti, Giuseppe

Abstract

Empirical studies of tax discounting usually assume that the relationship between private consumption and government debt reflects permanent and stable characteristics of consumer preferences. Using data for aggregate consumption over the 1953-87 period in Belgium, the author shows that this relationship differs in the long-run and in the short-run, and is not necessarily stable over time. The large tax-discounting effects estimated in this country are mostly related to the short-run determinants of consumption and tend to appear only when government debt policies become explosive. This suggests that changes in debt policies may effect, in important ways, the relationship between government deficits and private saving. Copyright 1992 by Blackwell Publishing Ltd

Suggested Citation

  • Nicoletti, Giuseppe, 1992. "Is Tax-Discounting Stable over Time?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(2), pages 121-144, May.
    • Handle: RePEc:bla:obuest:v:54:y:1992:i:2:p:121-44
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    Cited by:

    1. Douglas Sutherland & Peter Hoeller & Balázs Égert & Oliver Röhn, 2010. "Counter-cyclical Economic Policy," OECD Economics Department Working Papers 760, OECD Publishing.
    2. Reitschuler, Gerhard, 2008. "Assessing Ricardian equivalence for the New Member States: Does debt-neutrality matter?," Economic Systems, Elsevier, vol. 32(2), pages 119-128, June.
    3. L. Pozzi & F. Heylen & M. Dossche, 2002. "Government debt and the excess sensitivity of private consumption to current income: an empirical analysis for OECD countries," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 02/155, Ghent University, Faculty of Economics and Business Administration.

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