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On the role of progressive taxation in a Ramsey Model with heterogeneous households.
Bosi, Stefano; Seegmuller, Thomas - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2008
The aim of this paper is to study the role of progressive tax rules on the allocations of steady state and the stability properties in a Ramsey economy with heterogeneous households and borrowing constraints. Since labor supply in elastic, considering different tax rates on capital and labor...
Persistent link: https://www.econbiz.de/10005696758
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Indeterminacy under input-specific externalities and implications for fiscal policy.
Seegmuller, Thomas - Maison des Sciences Économiques, Université Paris 1 … - 2006
low degrees of capital-labor substitution, we show that indeterminacy requires not only a lower bound for the elasticity … condition for indeterminacy and larger increasing returns promote sadlle-path stability when inputs are high substitutes. Using …
Persistent link: https://www.econbiz.de/10005220174
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Endogenous Business Cycles and Dynamic Inefficiency
Cazzavillan, Guido; Pintus, Patrick - Dipartimento di Economia, Università Ca' Foscari Venezia - 2006
This paper explores how the occurrence of local indeterminacy and endogenous business cycles relates to dynamic … consumption in both periods. We first show that local indeterminacy and Hopf bifurcation are necessarily associated with a capital …
Persistent link: https://www.econbiz.de/10005057183
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Environment in an Overlapping Generations Economy with Endogenous Labor Supply : a Dynamic Analysis.
SEEGMULLER, Thomas; VERCHÈRE, Alban - Bureau d'Économie Théorique et Appliquée (BETA), … - 2005
indeterminacy. …
Persistent link: https://www.econbiz.de/10005422853
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On taxation in a two-sector endogenous growth model with endogenous labor supply
Hek, Paul A. de - 2003
This paper examines the effects of taxation on long-run growthin a two-sector endogenous growth model with (i) physical capitalas an input in the education sector and (ii) leisure as anadditional argument in the utility function. The analysis of theeffects of taxation - including income...
Persistent link: https://www.econbiz.de/10011333258
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Fiscal Policy, Maintenance Allowances and Expectation-Driven Business Cycles.
Dromel, Nicolas L. - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2009
Firms devote significant resources to maintain and repair thei existing capital. Within a real business cycle model featuring arguably small aggregate increasing returns, this paper assesses the stabilizing effects of fiscal policies with a maintenance expenditure allowance. In this setup, firms...
Persistent link: https://www.econbiz.de/10004991600
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On rational exuberance.
Bosi, Stefano; Seegmuller, Thomas - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2009
In his seminal contribution, Tirole (1985) shows that an overlapping generations economy may monotonically converges to a steady state with a positive rational bubble, characterized by the dynamically efficient golden rule. The issue we address is whether this monotonic convergence to an...
Persistent link: https://www.econbiz.de/10005012503
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Optimal Level of Government Debt : Matching Wealth Inequality and the Fiscal Sector
Vogel, Edgar - 2014
We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that the government should hold negative debt. Due to the high...
Persistent link: https://www.econbiz.de/10013047686
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Market distortions and local indeterminacy: A general approach
Lloyd-Braga, Teresa; Modesto, Leonor; Seegmuller, Thomas - 2011
We provide a methodology to study the role of market distortions on the emergence of indeterminacy and bifurcations … classes of distortions responsible for indeterminacy. Our methodology consists in introducing general specifications for the … distortions influence the range of values for the elasticity of inputs substitution under which local indeterminacy and …
Persistent link: https://www.econbiz.de/10010278392
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Intra-Industry Trade, Involuntary Unemployment and Macroeconomic Stability
Le Riche, Antoine; Lloyd-Braga, Teresa; Modesto, Leonor - 2021
indeterminate. After opening the borders, the rigid wage country may export indeterminacy to the full employment country …, particularly if it is big enough. In contrast, when the full employment country is sufficiently big, local indeterminacy, and … fluctuations (associated with local indeterminacy and bifurcations) are possible with smaller externalities, whatever the relative …
Persistent link: https://www.econbiz.de/10012497948