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What microeconomics teaches us about the dynamic macro effects of fiscal policy

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  • Laurence J. Kotlikoff

Abstract

This paper reviews some recent findings on fiscal policy based on the Auerbach-Kotlikoff dynamic life cycle simulation model. The model contains fifty-five overlapping generations and solves for the economy's perfect foresight transition path. The model can handle simultaneous changes in a wide variety of fiscal policies. It yields quite surprising results about the timing of crowding out, the potential self-financing nature of investment incentives, the fundamentally noneconomic and misleading nature of official deficits, and the potential inefficiencies associated with additional capital formation. Copyright 1988 by Ohio State University Press.
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Suggested Citation

  • Laurence J. Kotlikoff, 1988. "What microeconomics teaches us about the dynamic macro effects of fiscal policy," Proceedings, Federal Reserve Bank of Cleveland, pages 479-506.
    • Handle: RePEc:fip:fedcpr:y:1988:p:479-506
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    Cited by:

    1. Isidro Hernández Rodríguez, 2015. "Economía política de la tributación en Colombia," Books, Universidad Externado de Colombia, Facultad de Economía, edition 1, number 70, August.

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