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Aggregate Stability and Balanced-Budget Rules
Ghilardi, Matteo; Rossi, Raffaele - School of Economics, University of Surrey - 2011
model may exhibit indeterminacy and sunspots fluctuations when income tax rates are determined by a balanced-budget rule …
Persistent link: https://www.econbiz.de/10010615161
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On Stabilization Policy in Sunspot-Driven Oligopolistic Economies
Ferreira, Rodolphe Dos Santos; Dufourt, Frédéric - 2013
Economies with oligopolistic markets are prone to inefficient sunspot fluctuations triggered by autonomous changes in firms equilibrium conjectures. We show that a well designed taxation-subsidization scheme can eliminate these fluctuations by coordinating firms in each sector on a single...
Persistent link: https://www.econbiz.de/10010900268
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Public consumption over the business cycle
Bachmann, Ruediger; Bai, Jinhui H. - In: Quantitative economics : QE ; journal of the … 4 (2013) 3, pp. 417-451
What fraction of the business cycle volatility of government purchases is accounted for as endogenous reactions to overall macroeconomic conditions? We answer this question in the framework of a neoclassical representative household model where the provision of a public consumption good is...
Persistent link: https://www.econbiz.de/10011757080
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Balanced-Budget Rules and Aggregate Instability: The Role of Consumption Taxes in a Monetary Economy
Xue, Jianpo; Yip, Chong K. - Hong Kong Institute for Monetary Research (HKIMR), … - 2013
additively separable between consumption and leisure. Both the existence of a Laffer curve and the indeterminacy outcome of …
Persistent link: https://www.econbiz.de/10010690297
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Can taxes stabilize the economy in the presence of consumption externalities?
Lloyd-Braga, Teresa; Modesto, Leonor - 2012
Considering a finance constrained economy, we discuss the stabilization role of variable labour and capital income taxes under a balanced-budget rule in the presence of consumption externalities of the keeping up with the Joneses type. We find that sufficiently procyclical labor and/or capital...
Persistent link: https://www.econbiz.de/10010289988
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Government Spending Shocks and Rule-Of-Thumb Consumers: The Role of Steady State Inequality
Natvik, Gisle James - 2010
redistributed across households in steady state. Inequality leads to equilibrium indeterminacy and undermines the theoretical …
Persistent link: https://www.econbiz.de/10012143748
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Multiple equilibria, fiscal policy, and human capital accumulation
Alonso-Carrera, Jaime; Freire-Serén, María Jesús - Departamento de Economía Aplicada, Facultade de … - 2002
, taxation policy can generate indeterminacy under plausible parameterizations. The key for this result is that the accumulation …
Persistent link: https://www.econbiz.de/10011274498
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One Sector Models, Indeterminacy, and Productive Public Spending
Slobodyan, Sergey - Center for Economic Research and Graduate Education and … - 2006
congestion, combined with variable capital utilization, can lead to indeterminacy at very low degrees of social increasing …
Persistent link: https://www.econbiz.de/10005357532
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Indeterminacy and utility-generating government spending under balanced-budget fiscal policies
Hori, Takeo; Maebayashi, Noritaka - Graduate School of Economics, Osaka University - 2013
We reexamine indeterminacy and utility-generating public spending under balanced- budget rules in a simple one …-sector growth model. The introduction of consumption tax (subsidy) as well as subsidies for savings and labor modify indeterminacy … con- ditions in the existing studies. We show that if consumption subsidies and income taxes exist, indeterminacy occurs …
Persistent link: https://www.econbiz.de/10010837102
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Indeterminacy and Unemployment Fluctuations with Constant Returns to Scale in Production
Dufourt, Frédéric; Lloyd-Braga, Teresa; Modesto, Leonor - C.E.P.R. Discussion Papers - 2005
related models in the literature, we find that under constant returns to scale in production: (i) indeterminacy always …
Persistent link: https://www.econbiz.de/10005791785