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Previous literature demonstrates that in a computational life cycle model the optimal tax on capital is positive and large. Given the computational complexities of these overlapping generations models it is helpful to determine the relative importance of the economic factors driving this result....
Persistent link: https://www.econbiz.de/10009395279
This paper considers the impact of endogenous human capital accumulation on optimal tax policy in a life cycle model. Including endogenous human capital accumulation, either through learning-by-doing or learning-or-doing, is analytically shown to create a motive for the government to use...
Persistent link: https://www.econbiz.de/10009421363
A simple stochastic equilibrium structure is used to study the implications of monetary and fiscal policy interactions for government intertemporal budget balance. Existence and uniqueness of monetary equilibria are shown to depend on parameters of policy rules. The paper derives closed form...
Persistent link: https://www.econbiz.de/10005498780
According to conventional wisdom, if deficits are inflationary then current deficits should predict subsequent movements in money growth. This paper USES a general equilibrium model fit to data to: (1) explore the policy behavior underlying this accepted viewpoint; (2) examine alternative...
Persistent link: https://www.econbiz.de/10005712657
and estimates the impact of R&D tax incentives on R&D expenditures at the U.S. state level. Identifying tax variation …
Persistent link: https://www.econbiz.de/10011095295