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Tax Equivalences and Their Implications
Auerbach, Alan J. - 2018
In economic analyses of the effects of tax policies, one commonly encounters discussions of the equivalence of apparently different policies, where equivalence is defined as the policies having the same impact on fundamental economic outcomes. These related tax policies may differ in many...
Persistent link: https://www.econbiz.de/10012909501
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Optimal Taxation and Optimal Tax Systems
Slemrod, Joel B. - 2021
The theory of optimal taxation has , for the pas two decades , been the reigning normative approach of taxation. This … paper argues that , in its current state, optimal tax theory is incomplete as a guide to action concerning many critical … paper first presents the three cornerstone propositions of optimal tax theory, and then it discusses the influence of these …
Persistent link: https://www.econbiz.de/10013232163
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The Taxation of Exhaustible Resources
Dasgupta, Partha; Heal, Geoffrey M.; Stiglitz, Joseph E. - 2021
This paper analyzes the effect of taxation on the intertemporal allocation of an exhaustible resource. A general framework within which a large variety of taxes can be analyzed is developed and then applied to a number of specific taxes. It is shown that there exists a pattern of taxation which...
Persistent link: https://www.econbiz.de/10013240662
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Growth Effects of Flat-Rate Taxes
Stokey, Nancy L.; Rebelo, Sergio T. - 2021
Recent estimates of the potential growth effects of tax reform vary widely, ranging from zero (Lucas 1990) to eight percentage points (Jones, Manuelli, and Rossi 1993). Using an endogenous growth model, we assess which model features and parameter values are important for determining the...
Persistent link: https://www.econbiz.de/10013248552
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Deficits with Distortionary Taxes : International Dimensions
Frenkel, Jacob A.; Razin, Assaf - 2021
This paper deals with the international effects of budget deficits arising from distortionary tax and transfer policies. The analysis demonstrates that the consequences of tax policies and the characteristics of the international transmission mechanism depend critically on the precise...
Persistent link: https://www.econbiz.de/10013242920
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Estimating the Revenue Maximizing Top Personal Tax Rate
Lindsey, Lawrence B. - 2022
The idea that marginal tax rates and tax revenue may be inversely related is at least as old as Adam Smith's Wealth of Nations. The emergence of the "Laffer Curve" in the modern public debate on the subject has rekindled interestin this idea. The present paper uses data from the 1982 tax rate...
Persistent link: https://www.econbiz.de/10013323498
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The Implications of Insurance for the Efficacy of Fiscal Policy
Abel, Andrew B. - 2021
Various tax policies provide consumers with forms of insurance. Social security has the payoff characteristics of an annuity. The income tax provides consumers with a degree of Income insurance because the government shares part of the individual's income risk. Redistributive taxes can be used...
Persistent link: https://www.econbiz.de/10013227219
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Corrective Taxation Versus Liability
Shavell, Steven - 2010
Taxation and liability are compared here as means of controlling harmful externalities. It is emphasized that liability has an advantage over taxation: inefficiency of incentives arises under taxation when, as would be typical, it would be impractical for a tax to reflect all variables that...
Persistent link: https://www.econbiz.de/10013139750
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Fiscal Devaluations
Farhi, Emmanuel - 2011
We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a dynamic New Keynesian open economy environment. We perform the analysis under...
Persistent link: https://www.econbiz.de/10013117401
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Fiscal Policy in Debt Constrained Economies
Aguiar, Mark - 2011
We study optimal fiscal policy in a small open economy (SOE) with sovereign and private default risk. The SOE's government uses linear taxation to fund exogenous expenditures and uses public debt to inter-temporally allocate tax distortions. We characterize a class of environments in which the...
Persistent link: https://www.econbiz.de/10013120194