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Rent Taxation and its Intertemporal Welfare Effects in a Small Open Economy
Koethenbuerger, Marko; Poutvaara, Panu - 2021
Previous literature concludes that replacing wage taxation by taxes on a fixed factor or its rents benefits future … show that taxation of rents may also increase utility of the current generation provided tax revenues are earmarked to … prevailing tax mix is sufficiently skewed towards wage taxation …
Persistent link: https://www.econbiz.de/10013316664
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Optimal taxation and constrained inefficiency in an infinite-horizon economy with incomplete markets
Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki - 2011
We study the dynamic Ramsey problem of finding optimal public debt and linear taxes on capital and labor income within a tractable infinite horizon model with incomplete markets. With zero public expenditure and debt, it is optimal to tax the risky labor income and subsidize capital, while a...
Persistent link: https://www.econbiz.de/10010277403
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Stranded Assets in the Transition to a Carbon-Free Economy
van der Ploeg, Rick - 2020
Assets in the fossil fuel industries are at risk of losing market value due to anticipated breakthroughs in renewable technology and governments stepping up climate policies in the light of the Paris commitments to limit global warming to 1.5 or 2 degrees Celsius. Stranded assets arise due to...
Persistent link: https://www.econbiz.de/10012843436
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Nontradable Goods and Fiscal Multipliers
Cuaresma, Jesus Crespo - 2020
We assess the role that nontradable goods play as a determinant of fiscal spending multipliers, making use of a two-sector model. While fiscal multipliers increase with the share of nontradable goods, an inverted U-shaped relationship exists between multiplier size and the import share....
Persistent link: https://www.econbiz.de/10012823559
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Sovereign Default and Imperfect Tax Enforcement
Pappadà, Francesco - 2019
We show that, in many countries, tax compliance is volatile and markedly responds to fiscal policy. To explore the consequence of this novel stylized fact, we build a model of sovereign debt with limited commitment and imperfect tax enforcement. Fiscal policy persistently affects the size of the...
Persistent link: https://www.econbiz.de/10012867017
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The Worst of Both Worlds : Fiscal Policy and Fixed Exchange Rates
Born, Benjamin - 2019
Under fixed exchange rates, fiscal policy is an effective tool. According to classical views because it impacts the real exchange rate, according to Keynesian views because it impacts output. Both views have merit because the effects of government spending are asymmetric. A spending cut lowers...
Persistent link: https://www.econbiz.de/10012859987
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Savers, spenders and fiscal policy in a small open economy
Matsen, Egil; Sveen, Tommy; Torvik, Ragnar - 2005
This paper analyzes the effects of fiscal policy in an open economy. We extend the saversspenders theory of Mankiw …
Persistent link: https://www.econbiz.de/10010261384
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Labour Market Rigidities, Financial Integration and International Risk Sharing in the OECD
Fidrmuc, Jarko; Foster-McGregor, Neil; Scharler, Johann - 2021
Economic theory predicts that consumption growth rates should be highly correlated across countries. Empirical evidence … explain this apparent contradiction between theory and empirics. Using data for OECD countries we show that although financial …
Persistent link: https://www.econbiz.de/10013317001
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A growth oriented dual income tax
Keuschnigg, Christian; Dietz, Martin D. - 2005
This paper proposes a growth-oriented dual-income tax by combining an allowance for corporate equity with a broadly defined flat tax on personal capital income. Revenue losses are compensated by an increase in the value added tax. The paper demonstrates the neutrality properties of the reform...
Persistent link: https://www.econbiz.de/10010271071
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Financial Integration in the GCC Region : Market Size Versus National Effects
Arin, K. Peren - 2019
This paper examines financial spillovers between the four largest equity markets (by market capitalization) in the GCC region using a VAR-GARCH (1,1) framework that sheds light on interdependence as well as the effects of the 2014 oil crisis. Since the UAE is a federation including two stock...
Persistent link: https://www.econbiz.de/10012867875