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Has Sweden´s government budget policy been too discretionary? Evidence from a generalization of the tax smoothing hypothesis
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- Adler, Johan, 1970 (author)
- Gothenburg University,Göteborgs universitet,Institutionen för nationalekonomi med statistik,Department of Economics
- (creator_code:org_t)
- Göteborg, 2003
- English.
- Series: Working Papers in Economics (online), 1403-2465 ; 89
- Reports (other academic/artistic)
Abstract
Subject headings
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- Barro's (1979) tax smoothing hypothesis (TSH) assumes that the government is always subject to an "optimal" degree of discretion in budget policy, i.e., optimal in the sense that the welfare costs from taxation are minimized. This paper proposes a generalization of the TSH that relaxes this crucial assumption. Postwar evidence for Sweden indicates that in contrast to the TSH, the generalized model provides close to a perfect fit: Tax smoothing behavior in combination with more discretion in budget policy relative to what is optimal, can explain all shifts in the central government's budget balance, including the dramatic shifts during the period 1970-96.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Keyword
- Tax smoothing; Discretion; Budget policy; Budget deficits
Publication and Content Type
- vet (subject category)
- rap (subject category)
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