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Optimal taxation with imperfect competition and aggregate returns to specialization

Coto-Martínez, Javier; Garriga, Carlos; … - Federal Reserve Bank of St. Louis - 2007

In this paper we explore the proposition that in economies with imperfect competitive markets the optimal capital income tax is negative and the optimal tax on firms profits is confiscatory. We show that if the total factor productivity as well as the measure of firms or varieties are endogenous...

Persistent link: https://www.econbiz.de/10005352792

Intergenerational policy and the measurement of tax incidence

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2013

Policymakers often use measures of tax incidence (generational accounts) as criteria for policy selection. We use a quantitative model of optimal intergenerational policy to evaluate the ability of the tax incidence metric to capture the identity of recipients and contributors and the magnitudes...

Persistent link: https://www.econbiz.de/10010640522

Generational policy and the macroeconomic measurement of tax incidence

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2009

In this paper we show that the generational accounting framework used in macroeconomics to measure tax incidence can, in some cases, yield inaccurate measurements of the tax burden across age cohorts. This result is very important for policy evaluation, because it shows that the selection of tax...

Persistent link: https://www.econbiz.de/10004973893

A numerical approach to fiscal policy, unemployment, and growth in Europe

Daveri, Francesco; Maffezzoli, Marco - EconWPA - 2000

We calibrate an infinite-horizon model with endogenous growth and unemployment on actual data from the largest countries in the European Union. Two types of balanced-budget fiscal policy experiments are studied. First, the effects of separately changing the tax rates on capital, labor and...

Persistent link: https://www.econbiz.de/10005412655

Indirect taxation and the welfare effects of altruism on the optimal fiscal policy

Garriga, Carlos; Sánchez-Losada, Fernando - Federal Reserve Bank of St. Louis - 2009

links present and future generations in the economy. We show that these altruistic links provide a new role for indirect … channel is not present in economies without altruism, such as the infinite-lived consumer economy or the overlapping … generations economy, where long-run welfare is suboptimal and indirect taxation is irrelevant. …

Persistent link: https://www.econbiz.de/10008583257

Monetary policy, the tax code, and the real effects of energy shocks

Gavin, William T.; Keen, Benjamin D.; Kydland, Finn E. - Federal Reserve Bank of St. Louis - 2013

This paper develops a monetary model with taxes to account for the apparently asymmetric and time-varying effects of energy shocks on output and hours worked in post-World War II U.S. data. In our model, the real effects of an energy shock are amplified when the monetary authority responds to...

Persistent link: https://www.econbiz.de/10010662819