@misc{10272/25658,
year = {2024},
url = {https://hdl.handle.net/10272/25658},
abstract = {In this paper, we provide a formal test of Barro s tax-smoothing model, using Spanish data covering the period 1850 2022. First, we found that the tax-tilting component has been very important for the Spanish government and is a symptom of the existence of a public de cit bias that has existed in Spanish public nances over the sample period. Second, our empirical ndings do also support the existence of tax-smoothing in Spanish scal policy throughout the sample period. Consequently, there is some evidence that the Spanish economy has engaged in tax-smoothing behavior over the period analyzed, as the Spanish governments responded to expected future changes in government spending by running budget imbalances, rather than altering contemporaneous government revenues.},
organization = {Emilio Congregado and Vicente Esteve acknowledge the fiancial support from the Spanish Ministry of Science and Innovationand AEI through the project PID2020-115183RB-C22. Vicente Esteve acknowledges the financial support from the Spanish Ministry of Science and Innovation through the project PID2020-114646RB-C42. Emilio Congregado, Vicente Esteve and María A.Prats acknowledge the financial support from the Institute of Fiscal Studies (IEF) of Spanish Ministry of Finance.},
publisher = {Universidad de Alcalá. Instituto Universitario de Análisis Económico y Social},
title = {Optimal public deficit and tax-smoothing in the Spanish economy,1850-2022},
author = {Congregado Ramírez de Aguilera, Emilio and Esteve, Vicente and Prats Albentosa, María Asunción},
}