| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4764 |
| DP4764 Optimal Taxation in an RBC Model: A Linear-Quadratic Approach | |
| Michael Woodford; PIerpaolo Benigno | |
| 发表日期 | 2004-11-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This Paper analyses the optimal timing of taxes on capital income. We show that the celebrated result that taxes should front-loaded with an initially high tax followed by a discrete jump to the steady state is knife-edge, hinging on capital having a constant depreciation rate. An empirically supported deviation from this case, involving depreciation rates that increase over the lifespan of the investment, implies that optimal taxes should oscillate. Furthermore, the optimality of fluctuating tax rates hinges on the government being able to commit to the path of future tax rates. Without commitment, optimal taxes may be smooth also under accelerating depreciation. In a calibrated example, we find that optimal taxes are oscillating under commitment and smooth without commitment. |
| 主题 | International Macroeconomics ; Labour Economics ; Public Economics |
| 关键词 | Optimal taxation Tax dynamics Time-consistency Capital depreciation |
| URL | https://cepr.org/publications/dp4764 |
| 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/533679 |
| 推荐引用方式 GB/T 7714 | Michael Woodford,PIerpaolo Benigno. DP4764 Optimal Taxation in an RBC Model: A Linear-Quadratic Approach. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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