최적 재정정책의 특성과 후생효과

초록

This study derives an optimal fiscal response and identifies its characteristics under the assumption that fiscal policy is an effective countercyclical tool. In doing so, it assumes that the government seeks to minimize the volatility of the fiscal balance while taking into account the adverse effects of accumulating government debt. The resulting optimal fiscal policy not only exhibits countercyclicality and asymmetry, but also provides identification conditions for empirical analyses on the efficacy of fiscal policy. Furthermore, simple calibrations assess that the value of countercyclical fiscal policy amounts to at least 1.59% of GDP per year in Korea. This estimate corresponds to about 7– 8% of total tax payments. Accordingly, it is inferred that the remaining 92–93% is the burden of Korean taxpayers in return for provision of public goods and income redistribution programs.

키워드