By J. O. N. Perkins (auth.)
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Additional info for Budget Deficits and Macroeconomic Policy
At any rate, so long as it is true that particular types of tax increase have bigger relative effects on the macroeconomic target in question than do others, it must be possible to find some ways of increasing taxation by a given amount that will have different relative effects on real output from others. 10) The simulations used assume a fixed money supply and floating exchange rates. Source: Figures for effects of government expenditures derived from Richardson (1987); figures for effects of personal income tax cuts supplied by that author on the basis of simulations analogous to those for government expenditures.
2), which related to non-wage government expenditures, if these have appreciably less effect on real GDP than government expenditure on employment or public investment; especially as the effect of social security transfers to households (presumably the main non-wage government expenditure, and therefore closest of the items in this table to the outlay item used in the OECD simulation - non-wage government expenditures) is less than either of the other government outlays simulated here. Both personal income tax cuts and the other direct tax change simulated here - employers' social security contributions - have a very small effect compared with the two types of government outlay simulated here.
12 that in three of the five models (two of the models being for Finland), and also taking an average for the four countries, government expenditure on employment has a greater effect on real GDP than does a cut in local income tax. ) Taking the average of the four countries, government employment expenditure appears to have the greatest effect on real GDP of the three measures tested, followed by cuts in local income tax and then cuts in VAT. 98 Key to models: ADAM=Department of the Budget, Denmark; MODAG=Central Bureau of Statistics, Norway; KOSMOS=National Institute of Economic Research, Sweden; KESSU=Ministry of Finance, Finland; BOF4=Bank of Finland.
Budget Deficits and Macroeconomic Policy by J. O. N. Perkins (auth.)