FISCAL FORESIGHT AND INFORMATION FLOWS

News—or foresight—about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the structural shocks to which economic agents react. Using tax policies as a leading example of fo...

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Bibliographic Details
Published in:	Econometrica 2013-05, Vol.81 (3), p.1115-1145
Main Authors:	Leeper, Eric M., Walker, Todd B., Yang, Shu-Chun Susan
Format:	Article
Language:	English
Subjects:	1984-2007 Agency theory anticipated taxes Average Bias Econometrics Economic agents Economic behavior Economic behaviour Economic modeling Economic models Economics Equilibrium Estimation bias Finanzpolitik Fiscal policy identified VARs Information Information flow Information structure Lag-Modell News non‐fundamental representation Policy lags Prognose Quantitative analysis Rational expectations Real-Business-Cycle-Theorie Schätzung Steuerbelastung Studies Tax rates Taxation Taxes Uniqueness Unvollkommene Information USA VAR-Modell
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