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We analyze the positive and normative effects of a progressive tax on wages in a nonlinear New Keynesian DSGE model in the presence of demand and technology shocks. The non-linearity allows us to disentangle the effects of the progressive tax on the volatility and the level of macroeconomic...
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We study the effects of progressive labor income taxation in an otherwise standard NK model. We show that progressive … taxation (i) introduces a trade-off between output and inflation stabilization and affects the slope of the Phillips Curve; (ii … between the volatility of output, hours and in?ation and the degree of progressivity of labor income taxation. …
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dominates the substitution effect. This is in line with the adverse effect of productivity shocks on employment found in …
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, and public employment. Our results are as follows. First, a permanent reduction in labour tax rates in the Home region … would have stimulating effects on domestic economic activity and employment. Second, reducing labour tax rates …
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maximize the expected real income of union members over states of employment and of unemployment, a central bank that strives …
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