The revenue smoothing hypothesis in an ARIMA Framework: Evidence from the United States, in Claude Diebolt, Catherine Kyrtsou et al. (eds.), New Trends in Macroeconomics

Periklis Gogas and Apostolos Serletis

MPRA Paper from University Library of Munich, Germany

Abstract: This paper tests Mankiw’s (1987) revenue-smoothing hypothesis, that the inflation rate moves one-for-one with the marginal tax rate in the long run, using the new average marginal tax rate series constructed by Stephenson (1998) and the long-horizon regression approach developed by Fisher and Seater (1993). It reports considerable evidence against revenue-smoothing.

Keywords: Optimal seigniorage; Integration; Long-run derivative (search for similar items in EconPapers)
JEL-codes: C22 H21 (search for similar items in EconPapers)
Date: 2005
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Published in in Claude Diebolt, Catherine Kyrtsou et al. (eds.), New Trends in Macroeconomics (2005): pp. 79-88

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