IDEAS home Printed from https://ideas.repec.org/p/hpe/wpaper/y2002i13.html
   My bibliography  Save this paper

Los Efectos De La Política Fiscal Sobre El Consumo Privado: Nueva Evidencia Para El Caso Español

Author

Listed:
  • Agustín García

    (Universidad de Extremadura.)

  • Julián Ramajo

    (Universidad de Extremadura.)

Abstract

. Este trabajo analiza si la hipótesis de neutralidad de la política fiscal (teorema de equivalencia Ricardiana) puede considerarse como una aproximación válida para la realidad económica española o si, por el contrario, existen desviaciones (y de qué tipo) de dicha situación, lo que estaría más en la línea del enfoque Keynesiano convencional acerca de los efectos de la deuda sobre las decisiones de consumo-ahorro privados. La investigación intenta aportar nueva evidencia sobre la escasa literatura empírica que en España ha considerado esta cuestión. El análisis que se realiza se basa en datos agregados de carácter anual para España que abarcan los años 1955 a 2000, y utiliza tanto el enfoque estructural como el de ecuaciones de Euler para los contrastes de la hipótesis de neutralidad.

Suggested Citation

  • Agustín García & Julián Ramajo, "undated". "Los Efectos De La Política Fiscal Sobre El Consumo Privado: Nueva Evidencia Para El Caso Español," Working Papers 13-02 Classification-JEL , Instituto de Estudios Fiscales.
  • Handle: RePEc:hpe:wpaper:y:2002:i:13
    as

    Download full text from publisher

    File URL: http://www.ief.es/documentos/recursos/publicaciones/papeles_trabajo/2002_13.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Caballero, Ricardo J., 1990. "Consumption puzzles and precautionary savings," Journal of Monetary Economics, Elsevier, vol. 25(1), pages 113-136, January.
    2. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-987, December.
    3. Elmendorf, Douglas W. & Gregory Mankiw, N., 1999. "Government debt," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 25, pages 1615-1669, Elsevier.
    4. Kimball, Miles S, 1990. "Precautionary Saving in the Small and in the Large," Econometrica, Econometric Society, vol. 58(1), pages 53-73, January.
    5. Feldstein, Martin & Elmendorf, Douglas W, 1990. "Government Debt, Government Spending, and Private Sector Behavior Revisited: Comment," American Economic Review, American Economic Association, vol. 80(3), pages 589-599, June.
    6. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    7. Modigliani, Franco & Sterling, Arlie, 1986. "Government Debt, Government Spending and Private Sector Behavior: Comment," American Economic Review, American Economic Association, vol. 76(5), pages 1168-1179, December.
    8. Karras, Georgios, 1994. "Government Spending and Private Consumption: Some International Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(1), pages 9-22, February.
    9. Alan S. Blinder & Angus Deaton, 1985. "The Time Series Consumption Function Revisited," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 16(2), pages 465-521.
    10. Becker, Torbjorn, 1997. "An investigation of Ricardian equivalence in a common trends model," Journal of Monetary Economics, Elsevier, vol. 39(3), pages 405-431, August.
    11. Poterba, James M. & Summers, Lawrence H., 1987. "Finite lifetimes and the effects of budget deficits on national saving," Journal of Monetary Economics, Elsevier, vol. 20(2), pages 369-391, September.
    12. Aschauer, David Alan, 1985. "Fiscal Policy and Aggregate Demand," American Economic Review, American Economic Association, vol. 75(1), pages 117-127, March.
    13. Alesina, Alberto & Drazen, Allan, 1991. "Why Are Stabilizations Delayed?," American Economic Review, American Economic Association, vol. 81(5), pages 1170-1188, December.
    14. Christopher D. Carroll, 1992. "The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 61-156.
    15. Tabellini, Guido & Alesina, Alberto, 1990. "Voting on the Budget Deficit," American Economic Review, American Economic Association, vol. 80(1), pages 37-49, March.
    16. Kormendi, Roger C & Meguire, Philip G, 1995. "Government Debt, Government Spending, and Private-Sector Behavior: Reply," American Economic Review, American Economic Association, vol. 85(5), pages 1357-1361, December.
    17. Graham, Fred C, 1993. "Fiscal Policy and Aggregate Demand: Comment," American Economic Review, American Economic Association, vol. 83(3), pages 659-666, June.
    18. Becker, Torbjörn & Paalzow, Anders, 1997. "Real Effects of Budget Deficits? - Theory and Evidence," SSE/EFI Working Paper Series in Economics and Finance 157, Stockholm School of Economics.
    19. Nicholas Sarantis, 1985. "Fiscal Policies and Consumer Behaviour in Western Europe," Kyklos, Wiley Blackwell, vol. 38(2), pages 233-248, May.
    20. Kessler, Denis & Perelman, Sergio & Pestieau, Pierre, 1986. "Public Debt, Tax, and Consumption: A Test on O.E.C.D. Countries," Public Finance = Finances publiques, , vol. 41(1), pages 63-70.
    21. Skinner, Jonathan, 1988. "Risky income, life cycle consumption, and precautionary savings," Journal of Monetary Economics, Elsevier, vol. 22(2), pages 237-255, September.
    22. Isabel Argimón & Ángel Luis Gómez & Pablo Hernández de Cos & Francisco Martí, 1999. "El sector de las Administraciones Públicas en España," Estudios Económicos, Banco de España, number 68.
    23. Barth, James R & Iden, George & Russek, Frank S, 1986. "Government Debt, Government Spending, and Private Sector Behavior: Comment," American Economic Review, American Economic Association, vol. 76(5), pages 1158-1167, December.
    24. Koskela, Erkki & Viren, Matti, 1983. "National Debt Neutrality: Some International Evidence," Kyklos, Wiley Blackwell, vol. 36(4), pages 575-588.
    25. Erkki Koskela & Matti Virén, 1983. "National Debt Neutrality: Some International Evidence," Kyklos, Wiley Blackwell, vol. 36(4), pages 575-588, November.
    26. Kormendi, Roger C, 1983. "Government Debt, Government Spending, and Private Sector Behavior," American Economic Review, American Economic Association, vol. 73(5), pages 994-1010, December.
    27. Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 223-247, April.
    28. Seater, John J, 1982. "Are Future Taxes Discounted?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(3), pages 376-389, August.
    29. Sarantis, Nicholas, 1985. "Fiscal Policies and Consumer Behaviour in Western Europe," Kyklos, Wiley Blackwell, vol. 38(2), pages 233-248.
    30. Yawitz, Jess B & Meyer, Laurence H, 1976. "An Empirical Investigation of the Extent of Tax Discounting: Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 8(2), pages 247-254, May.
    31. Feldstein, Martin S., 1973. "Tax incentives, corporate saving, and capital accumulation in the United States," Journal of Public Economics, Elsevier, vol. 2(2), pages 159-171, April.
    32. Flavin, Marjorie A, 1981. "The Adjustment of Consumption to Changing Expectations about Future Income," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 974-1009, October.
    33. Seater, John J. & Mariano, Roberto S., 1985. "New tests of the life cycle and tax discounting hypotheses," Journal of Monetary Economics, Elsevier, vol. 15(2), pages 195-215, March.
    34. Favero, Carlo A., 2001. "Applied Macroeconometrics," OUP Catalogue, Oxford University Press, number 9780198296850.
    35. Nelson, Charles R. & Plosser, Charles I., 1982. "Trends and random walks in macroeconmic time series : Some evidence and implications," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 139-162.
    36. Hayashi, Fumio, 1982. "The Permanent Income Hypothesis: Estimation and Testing by Instrumental Variables," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 895-916, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. José Francisco Bellod Redondo, 2014. "El impacto de la crisis en el deterioro alimentario en España," Contribuciones a la Economía, Servicios Académicos Intercontinentales SL, issue 2014-04, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Brunila, Anne, 1997. "Current income and private consumption : Saving decisions : Testing the finite horizon model," Research Discussion Papers 6/1997, Bank of Finland.
    2. repec:zbw:bofrdp:1997_006 is not listed on IDEAS
    3. Brunila, Anne, 1997. "Current income and private consumption: Saving decisions: Testing the finite horizon model," Bank of Finland Research Discussion Papers 6/1997, Bank of Finland.
    4. Elmendorf, Douglas W. & Gregory Mankiw, N., 1999. "Government debt," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 25, pages 1615-1669, Elsevier.
    5. Brunila, Anne, 1996. "Fiscal policy and private consumption: Saving decisions: Evidence from Finland," Bank of Finland Research Discussion Papers 28/1996, Bank of Finland.
    6. Koumparoulis, Dimitrios, 2006. "Ευρωπαϊκή Δημοσιονομική Πολιτική Και Οικονομική Μεγέθυνση: Η Νεοκλασική Οικονομική Θεωρία Για Την Περίπτωση Της Ελλάδας [European Fiscal Policy and Economic Growth: The Neoclassical Economic Theory," MPRA Paper 44310, University Library of Munich, Germany.
    7. B. Douglas Bernheim, 1987. "Ricardian Equivalence: An Evaluation of Theory and Evidence," NBER Chapters, in: NBER Macroeconomics Annual 1987, Volume 2, pages 263-316, National Bureau of Economic Research, Inc.
    8. Brunila, Anne, 1996. "Fiscal policy and private consumption : Saving decisions : Evidence from Finland," Research Discussion Papers 28/1996, Bank of Finland.
    9. Waqas, Muhamad & Awan, Masood Sarwar & Aslam, Muhammad Amir, 2011. "We are living on the cost of our children," MPRA Paper 32044, University Library of Munich, Germany.
    10. repec:zbw:bofrdp:1996_028 is not listed on IDEAS
    11. Khalid, Ahmed M., 1996. "Ricardian equivalence: Empirical evidence from developing economies," Journal of Development Economics, Elsevier, vol. 51(2), pages 413-432, December.
    12. David Alan Aschauer, 1990. "Is Government Spending Stimulative?," Contemporary Economic Policy, Western Economic Association International, vol. 8(4), pages 30-46, October.
    13. Kostas Drakos, 2001. "Testing the Ricardian Equivalence Theorem: Time Series Evidence from Greece," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 26(1), pages 149-160, June.
    14. Becker, Torbjörn, 1995. "Government Debt and Private Consumption: Theory and Evidence," SSE/EFI Working Paper Series in Economics and Finance 71, Stockholm School of Economics.
    15. Simon, András & Várpalotai, Viktor, 2001. "Eladósodás, kockázat és óvatosság [Optimal indebtedness in a small open economy showing precautionary behaviour]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 363-392.
    16. Bilgili, Faik, 1999. "Yeni Klasik kurama göre bütçe politikalarının değerlendirilmesi [An evaluation of New Classical arguments on budget policies]," MPRA Paper 80771, University Library of Munich, Germany.
    17. Yannis A. Monogios & Christos Pitelis, 2004. "On (Ultra) rationality and the corporate and government veils," Manchester School, University of Manchester, vol. 72(3), pages 382-402, June.
    18. Becker, Torbjörn, 1995. "Budget Deficits, Tax Risk and Consumption," SSE/EFI Working Paper Series in Economics and Finance 74, Stockholm School of Economics.
    19. Krishanu Pradhan, 2016. "Ricardian Approach to Fiscal Sustainability in India," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 10(4), pages 499-529, November.
    20. Orazio P. Attanasio, 1998. "Consumption Demand," NBER Working Papers 6466, National Bureau of Economic Research, Inc.
    21. Lorenzo Pozzi, 2003. "Tax Discounting in a High‐debt Economy," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(3), pages 261-282, July.
    22. Abdelhak S. Senhadji, 2000. "How Significant are Departures from Certainty Equivalence? Some Analytical and Empirical Results," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(3), pages 597-617, July.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hpe:wpaper:y:2002:i:13. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Miguel Gómez de Antonio (email available below). General contact details of provider: https://edirc.repec.org/data/iefgves.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.