| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5541 |
| DP5541 Indeterminacy with Small Externalities: The Role of Non-Separable Preferences | |
| Teresa Lloyd-Braga; Carine Nourry; Alain Venditti | |
| 发表日期 | 2006-03-12 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | It is known that, in the context of a real business cycle model with constant returns to scale and a balanced budget fiscal policy rule, steady state indeterminacy may arise as a result of endogenous labor income tax rates. In this paper, it is shown that when the government finances its expenditures via an endogenous consumption tax instead, there exists a unique steady state which is always saddle-path stable. As a result, combining income taxes with consumption taxes makes the ranges of indeterminacy shrink, thus reducing the possibility of aggregate instability. From a policy perspective, the results provide an additional argument in favor of (less distortionary) consumption taxes in place of capital taxes. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal policy Consumption tax Balanced budget rules Indeterminacy |
| URL | https://cepr.org/publications/dp5541 |
| 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/534387 |
| 推荐引用方式 GB/T 7714 | Teresa Lloyd-Braga,Carine Nourry,Alain Venditti. DP5541 Indeterminacy with Small Externalities: The Role of Non-Separable Preferences. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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