| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP153 |
| DP153 Budget Deficits, Interest Rates and the Incentive Effects of Income Tax Cuts | |
| Charles Bean; Sweder van Wijnbergen | |
| 发表日期 | 1987 |
| 出版年 | 1987 |
| 语种 | 英语 |
| 摘要 | This paper examines the effects of tax cuts in a multi-country world where both labour supply and capital formation are endogenous and taxes are distortionary. We highlight four channels through which tax cuts affect interest rates and the economy in general: (i) an increase in the supply of government debt; (ii) increased tax revenues, through increased economic activity; (iii) increased savings, through an increase in the post-tax return on savings; (iv) increased investment, through an increase in the marginal product of capital. The increase in the marginal product of capital may be related to the tax change either directly, in the case of capital taxation, or indirectly, through changes in future factor prices triggered by the tax changes. The indirect channel is important in the case of labour taxes. Tax cuts do not necessarily lead to a rise in interest rates in either the short or the long term. Welfare both at home and abroad may either increase or decrease as a result of the tax cuts; no general statement can be made without explicitly identifying which distortionary taxes are being changed. Even then ambiguities can arise, but we are able, in our analysis of adjustment dynamics, to trace the response of the term structure of real interest rates to the tax reform in different cases. |
| 主题 | International Macroeconomics |
| 关键词 | Adjustment dynamics Budget deficit Income taxes Interest rates Tax cuts Term structure |
| URL | https://cepr.org/publications/dp153 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529309 |
| 推荐引用方式 GB/T 7714 | Charles Bean,Sweder van Wijnbergen. DP153 Budget Deficits, Interest Rates and the Incentive Effects of Income Tax Cuts. 1987. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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