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Author: Mr.Gian Milesi-Ferretti Publisher: International Monetary Fund ISBN: 145184994X Category : Business & Economics Languages : en Pages : 37
Book Description
This paper examines the effects of taxation of human capital, physical capital and foreign assets in a multi-sector model of endogenous growth. It is shown that in general the growth rate is reduced by taxes on capital and labor (human capital) income. When the government faces no borrowing constraints and is able to commit to a given set of present and future taxes, it is shown that the optimal tax plan involves high taxation of both capital and labor in the short run. This allows the government to accumulate sufficient assets to finance spending without any recourse to distortionary taxation in the long run. When restrictions to government borrowing and lending are imposed, the model implies that human and physical capital should be taxed similarly.
Author: Mr.Gian Milesi-Ferretti Publisher: International Monetary Fund ISBN: 145184994X Category : Business & Economics Languages : en Pages : 37
Book Description
This paper examines the effects of taxation of human capital, physical capital and foreign assets in a multi-sector model of endogenous growth. It is shown that in general the growth rate is reduced by taxes on capital and labor (human capital) income. When the government faces no borrowing constraints and is able to commit to a given set of present and future taxes, it is shown that the optimal tax plan involves high taxation of both capital and labor in the short run. This allows the government to accumulate sufficient assets to finance spending without any recourse to distortionary taxation in the long run. When restrictions to government borrowing and lending are imposed, the model implies that human and physical capital should be taxed similarly.
Author: Mr.Gian Milesi-Ferretti Publisher: International Monetary Fund ISBN: 1451848234 Category : Business & Economics Languages : en Pages : 38
Book Description
The effects of income and consumption taxation are examined in the context of models in which the growth process is driven by the accumulation of human and physical capital. The different channels through which these taxes affect economic growth are discussed, and it is shown that in general the taxation of factor incomes (human and physical capital) is growth-reducing. The effects of consumption taxation on growth depend crucially on the elasticity of labor supply, and therefore on the specification of the leisure activity. The paper also derives some implications for the optimal intertemporal choice of tax instruments.
Author: Narayana R. Kocherlakota Publisher: Princeton University Press ISBN: 1400835275 Category : Business & Economics Languages : en Pages : 230
Book Description
Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1498344658 Category : Business & Economics Languages : en Pages : 257
Book Description
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Author: W. Hildenbrand Publisher: North Holland ISBN: 9780444874610 Category : Mathematics Languages : en Pages : 0
Book Description
The Handbook of Mathematical Economics aims to provide a definitive source, reference, and teaching supplement for the field of mathematical economics. It surveys, as of the late 1970's the state of the art of mathematical economics. This is a constantly developing field and all authors were invited to review and to appraise the current status and recent developments in their presentations. In addition to its use as a reference, it is intended that this Handbook will assist researchers and students working in one branch of mathematical economics to become acquainted with other branches of this field. The emphasis of this fourth volume of the Handbook of Mathematical Economics is on choice under uncertainty, general equilibrium analysis under conditions of uncertainty, economies with an infinite number of consumers or commodities, and dynamical systems. The book thus reflects some of the ideas that have been most influential in mathematical economics since the appearance of the first three volumes of the Handbook. Researchers, students, economists and mathematicians will all find this Handbook to be an indispensable reference source. It surveys the entire field of mathematical economics, critically reviewing recent developments. The chapters (which can be read independently) are written at an advanced level suitable for professional, teaching and graduate-level use. For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier.nl/locate/hes
Author: Robert J. Barro Publisher: MIT Press ISBN: 9780262025539 Category : Business & Economics Languages : en Pages : 676
Book Description
The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000.
Author: Mr.Gian Milesi-Ferretti
Author: Mr.Gian Milesi-Ferretti
Author: Nicholas Bull
Author: Mr.Gian Milesi-Ferretti
Author: Narayana R. Kocherlakota
Author: International Monetary Fund
Author: W. Hildenbrand
Author: Robert J. Barro
Author: Nouriel Roubini
Author: Theo S. Eicher
Author: N H Sternd