| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25783 |
| 来源ID | Working Paper 25783 |
| Long-Run Tax Incidence in a Human Capital-based Endogenous Growth Model with Labor-Market Frictions | |
| Been-Lon Chen; Hung-Ju Chen; Ping Wang | |
| 发表日期 | 2019-04-29 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | In a second-best optimal growth setup with only factor taxes, it is in general optimal to fully replace capital by labor income taxation in the long run. We revisit this important issue by developing a human capital-based endogenous growth model with frictional labor search, allowing each firm to create multiple vacancies and each worker to determine market participation. We find that the conventional efficient bargaining condition is necessary but not sufficient for achieving constrained social optimality. We then conduct tax incidence exercises in balanced growth by calibrating to the U.S. economy with a pre-existing 20% flat tax on capital and labor income. Our quantitative results suggest that, due to a dominant channel via the interactions between vacancy creation and market participation, it is optimal to switch only partially from capital to labor taxation in a benchmark economy where human capital formation depends on both physical and human capital stocks. This main finding is robust even along the transition with time-varying factor tax rates. Moreover, our quantitative analysis under alternative setups suggest that while endogenous human capital and labor market frictions are essential for obtaining a positive optimal capital tax, endogenous leisure, nonlinear human capital accumulation and endogenous growth are not crucial. |
| 主题 | Macroeconomics ; Fiscal Policy ; Public Economics ; Taxation ; Labor Economics ; Labor Supply and Demand ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w25783 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583456 |
| 推荐引用方式 GB/T 7714 | Been-Lon Chen,Hung-Ju Chen,Ping Wang. Long-Run Tax Incidence in a Human Capital-based Endogenous Growth Model with Labor-Market Frictions. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25783.pdf（746KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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