Tax Incidence in Dynamic Economies with Externalities and Endogenous Labor Supply
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This paper examines the long-run incidence of factor income taxesand expenditure taxes in an infinitely lived representative agent growthmodel which allows both for production externalities and for endogenouslabor supply. The novelty of this paper is its investigating of howthe long-run incidence of taxes is affected by indeterminacy of equilibriathat is caused mainly by nonseparable preferences between consumptionand leisure. We show that the effects of the taxes on steadystate welfare as well as the steady state levels of consumption, capital,and employment are all negative regardless of whether a steady stateis determinate or indeterminate in an exogenous growth model. Bycontrast, in an endogenous growth model those distortionary taxesare growth and welfare enhancing in both a determinate steady statefeaturing the unconventional slope of the labor supply curve and anindeterminate steady state featuring its conventional slope.(JEL classifications: H41, F13, D62)
- Graduate School of Economics and Business Administration, Hokkaido Universityの論文
- 2007-11-09
Graduate School of Economics and Business Administration, Hokkaido University | 論文
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