 | The Fiscal State-Dependent Effects of Capital Income Tax Cuts Author/Editor: Alexandra Fotiou, Wenyi Shen, Shu-Chun Susan Yang. Release Date:May, 2020 Using the post-WWII data of U.S. federal corporate income tax changes, within a Smooth Transition VAR, this paper finds that the output effect of capital income tax cuts is government debt-dependent: more...
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| Fiscal Implications of Interest Rate Normalization in the United States Author/Editor: Huixin Bi, Wenyi Shen, Shu-Chun Susan Yang. Release Date:May, 2019 This paper studies the main channels through which interest rate normalization has fiscal implications in the United States. While unexpected inflation reduces the real value of government more...
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| Government Spending Effects in Low-income Countries Author/Editor: Wenyi Shen, Susan S. Yang, Luis-Felipe Zanna. Release Date:December, 2015 Despite the voluminous literature on fiscal policy, very few papers focus on low-income
 countries (LICs). This paper develops a new-Keynesian small open economy model to show,
 more...
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| Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries Author/Editor: Huixin Bi, Wenyi Shen, Susan S. Yang. Release Date:March, 2014 This paper studies fiscal policy effects in developing countries with external debt and sovereign default risks. State-dependent distributions of fiscal limits are simulated based on macroeconomic more...
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 | The Effects of Government Spending under Limited Capital Mobility Author/Editor: Wenyi Shen, Shu-Chun S. Yang. Release Date:May, 2012 This paper studies the effects of government spending under limited international capital mobility, as featured by most developing countries. While external financing of government debt mitigates the more...
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