Cette étude analyse, de façon empirique, l'hypothèse de neutralité de la dette publique, à partir de données internationales couvrant huit pays de l'OCDE et portant sur la période 1961-85. L'analyse se base sur un modèle dynamique de demande de biens durables et non durables, fondé sur un comportement de maximisation des consommateurs. Le modèle inclut trois spécifications correspondant à divers degrés de rationalité des consommateurs : le cas traditionnel de cycle de vie, le cas où le revenu disponible est corrigé des effets d'érosion dûs à l'inflation (absence d'illusion monétaire) et le cas où les consommateurs prévoient les taxes futures associées au service de la dette publique (absence d'illusion fiscale). Le modèle introduit explicitement l'influence du taux d'intérêt réel et la possibilité d'une substitution entre consommation publique et privée. Les estimations utilisent trois agrégats différents pour la consommation et sont effectuées pour chacun des pays et sur ...

Additional information is available for the following registered author(s):

• Giuseppe Nicoletti

This paper examines the empirical basis for the debt-neutrality hypothesis in an international cross-section of eight major OECD countries over the period 1961-85. The analysis uses a dynamic demand system for durable and non-durable goods derived from individual optimizing behaviour. The model nests three specifications corresponding to different degrees of consumer rationality: the traditional life-cycle consumption model, the case of inflation-adjustment of disposable income (no money illusion) and the case of full "tax discounting" (no fiscal illusion). In addition, the model incorporates explicitly the role of a variable interest rate and substitution between public and private consumption. The model is estimated using three different consumption aggregates at the single-country level and over the pooled data set. Estimates of the inflation-adjustment and fiscal illusion parameters are provided and specification tests opposing the three versions of the model are performed. The ...

Cette étude analyse, de façon empirique, l'hypothèse de neutralité de la dette publique, à partir de données internationales couvrant huit pays de l'OCDE et portant sur la période 1961-85. L'analyse se base sur un modèle dynamique de demande de biens durables et non durables, fondé sur un comportement de maximisation des consommateurs. Le modèle inclut trois spécifications correspondant à divers degrés de rationalité des consommateurs : le cas traditionnel de cycle de vie, le cas où le revenu disponible est corrigé des effets d'érosion dûs à l'inflation (absence d'illusion monétaire) et le cas où les consommateurs prévoient les taxes futures associées au service de la dette publique (absence d'illusion fiscale). Le modèle introduit explicitement l'influence du taux d'intérêt réel et la possibilité d'une substitution entre consommation publique et privée. Les estimations utilisent trois agrégats différents pour la consommation et sont effectuées pour chacun des pays et sur ...

Download Info

To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help file. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

Publisher Info

Paper provided by OECD Economics Department in its series OECD Economics Department Working Papers with number 50.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length:
Date of creation: Jan 1988
Date of revision:
Handle: RePEc:oec:ecoaaa:50-en

Contact details of provider:
Postal: 2 rue Andre Pascal, 75775 Paris Cedex 16
Email:
Web page: http://www.oecd.org
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: ().

Related research

Keywords:

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

1. Francesco Giavazzi & Tullio Jappelli & Marco Pagano, 1999. "Searching for Non-Keynesian Effects of Fiscal Policy," CSEF Working Papers 16, Centre for Studies in Economics and Finance (CSEF), University of Salerno, Italy. [Downloadable!]
   Other versions:
   • Francesco Giavazzi & Tullio Jappelli & Marco Pagano, . "Searching for Non-Keynesian Effects of Fiscal Policy," Working Papers 136, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
2. 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. [Downloadable!]
3. Giavazzi, Francesco & Jappelli, Tullio & Pagano, Marco, 2000. "Searching for Non-Linear Effects of Fiscal Policy: Evidence from Industrial and Developing Countries," CEPR Discussion Papers 2374, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
   Other versions:
   • Francesco Giavazzi & Tullio Jappelli & Marco Pagano, 2000. "Searching for Non-Linear Effects of Fiscal Policy: Evidence from Industrial and Developing Countries," NBER Working Papers 7460, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
   • Giavazzi, Francesco & Jappelli, Tullio & Pagano, Marco, 2000. "Searching for non-linear effects of fiscal policy: Evidence from industrial and developing countries," European Economic Review, Elsevier, vol. 44(7), pages 1259-1289, June. [Downloadable!] (restricted)

Did you know? Data contributors to RePEc receive monthly emails with details about downloads and abstract views of their works.

This page was last updated on 2008-11-17.