Precautionary Saving and the Timing of Taxes
分析政府债务和所得税对消费与储蓄的影响，发现债务效应显著且取决于偿还期限，预期税收变化会引起预期消费变化，并推导出财政立场指数。
This paper analyzes the effects of government debt and income taxes on consumption and saving in a world of infinitely lived house- holds having uncertain and heterogeneous incomes. The special structure of the model allows exact aggregation across households despite incomplete markets. The effects of government debt are shown to be substantial, roughly comparable to those resulting from finite horizons, and crucially dependent on the length of time until the debt is repaid. Also, anticipated changes in taxes are shown to cause anticipated changes in consumption. Finally, an index of fiscal stance is derived.