共查询到20条相似文献,搜索用时 93 毫秒
1.
Guido Candela Massimiliano Castellani Roberto Dieci 《International Review of Economics》2008,55(3):285-311
In this paper we study a particular case of “multiple” externalities associated to the production of a good/activity, whose
external effects can change from positive to negative depending on the level of output (intersecting externalities). To analyze their impact on the public policy we propose a very simple two-agent partial equilibrium model in the technological
context of externalities. In a static framework, the centralized solution always implies an optimal policy, which may consist
of taxation or subsidization depending on the individual optimum and on the technology parameters. In a dynamic model with
local knowledge of the efficiency function and instantaneous output adjustments, such an optimal policy can be structurally
stable or unstable. In the latter case, under small changes of the parameters the policy may switch from low taxation/subsidization
to high taxation/subsidization or vice versa, or even jump discontinuously from taxation to subsidization or vice versa. Furthermore, the decentralized solution based upon “tradable rights” can be economically equivalent to the centralized solution
in the form of taxation policy but the two solutions may be not politically equivalent.
相似文献
Roberto DieciEmail: |
2.
This study examines the impact of a stamp tax rate increase on market behavior, using data from two stock exchanges in China. We find that when the tax rate increases from 0.3 to 0.5% (which implies that the transaction cost increases by about 1/3) trading volume decreases by 1/3. This implies an elasticity of turnover with respect to a stamp tax of −50% and an elasticity of turnover with respect to transaction cost of −100%. The markets’ volatility significantly increases after the increase in the tax rate. Furthermore, the change in the volatility structure indicates that the markets become less efficient in the sense that shocks are less quickly assimilated in the markets.
相似文献
Badi H. Baltagi (Corresponding author)Email: |
Dong LiEmail: |
Qi LiEmail: |
3.
It is quite often claimed by politicians that a common currency makes it beneficial to be also endowed with a common fiscal
policy. However, if fiscal policy can reasonably be considered to be a source of shocks, national fiscal policies which are
steered independently from each other are generally preferable because they allow the possibility to diversify macroeconomic
risks. Abstracting from automatic stabilizers, this view is valid independent on whether the ECB targets money growth or interest
rates.
相似文献
Daniel GrosEmail: |
4.
Kersten Kellermann 《Empirica》2008,35(2):129-143
The paper contributes to the discussion of fiscal competition with infrastructure goods. We explicitly focus on the costs
of providing public infrastructure capital that appear in the public budget as investment. Thus we analyse the problem in
a dynamic framework. Public infrastructure is considered as a marginal product complement to private capital. A central result
of the model is that the fact that public capital is a complement to private capital, so that an increase in the supply of
public capital ceteris paribus improves the marginal productivity of private capital, cannot be used as an argument to support a source tax. The so-called
indirect productivity effect on private capital induced by public inputs does not justify the taxation of mobile capital.
Rather, the efficiency of a source tax on mobile capital income depends on the question of whether or not the public input
generates a factor rent to private capital.
相似文献
Kersten KellermannEmail: |
5.
This paper investigates the response of major macroeconomic variables to four different types of tax policy innovations in
Canada within a VAR framework. The positive tax multipliers documented in the previous literature are found only for corporate
tax innovations. Our results indicate that different taxes affect output differently, and imply that the composition of total
taxes may be a major factor behind cross-country variation in the sign and magnitude of total tax multipliers.
相似文献
Faik KorayEmail: |
6.
This paper develops a theoretical framework which can be used to examine policy implications from the learning-by-exporting
hypothesis. This work builds on previous theoretical literature by introducing a credit constraint. When credit is available,
the analysis suggests that supporting a learning sector via an export subsidy is not necessarily advised to improve social
welfare. The learning sector’s goods may be over-produced (relative to another non-tradable sector goods) when consumers can
borrow freely for their consumption. If the learning sector’s goods are over-produced, social welfare will be improved via
a tax on production.
相似文献
Akinori TomoharaEmail: |
7.
Ricardian fiscal regimes in the European Union 总被引:1,自引:1,他引:0
António Afonso 《Empirica》2008,35(3):313-334
The prevalence of different fiscal regimes is important both for practical policy reasons and to assess fiscal sustainability,
notably for European Union countries. The purpose of this article is to assess, with a panel data set, the empirical evidence
concerning the existence of Ricardian fiscal regimes in EU-15 countries. The results give support to the Ricardian fiscal
regime hypothesis throughout the sample period, and for sub-samples accounting for the dates of the Maastricht Treaty and
for the setting-up of the Stability and Growth Pact. Furthermore, electoral budget cycles also seem to play a relevant role
in fiscal behaviour.
相似文献
António AfonsoEmail: Email: |
8.
The power to tax and the power to regulate are often analyzed separately. We argue that, when in the hands of a single authority,
the power to tax may act as a check on the power to regulate, thereby discouraging regulations that adversely affect GDP,
and promoting regulations that enhance GDP. This effect will be stronger the higher are (marginal) taxes. This argument is
used both to suggest an explanation for the observed positive correlation between high taxes and economic freedom, and to
warn against the granting of regulatory but not fiscal powers at the European level.
相似文献
Hartmut KliemtEmail: |
9.
Luís F. Costa 《Portuguese Economic Journal》2007,6(3):181-204
New Keynesian general-equilibrium static models showed the fiscal multiplier is an increasing function of the degree of monopoly.
Here, I develop a simple intertemporal model allowing us to study the steady-state role of optimal capital stock (and depreciation)
in the fiscal policy transmission mechanism. The GDP multiplier may be locally decreasing in the degree of monopoly when the
number of firms is fixed, but results depend strongly on the set of parameter values chosen. Using a net-output definition
or allowing for free entry leads to unambiguous dominance of the long-run monopolistic multiplier over the Walrasian one.
相似文献
Luís F. CostaEmail: URL: http://www.iseg.utl.pt/~lukosta/ |
10.
Kinga Mazur 《International Advances in Economic Research》2007,13(4):495-514
The main objective of this paper is to investigate which of the two competing capital structure theories – the pecking order
of financing choices or the traditional static trade-off model – better describes the financing decisions in Polish companies
traded on the Warsaw Stock Exchange (WSE). The data come from financial statements of the companies and cover a 5-year period,
2000–2004. First, a correlation is run in order to separate a set of significant factors influencing the capital structure
from the list of the following independent variables: assets structure, profitability, growth opportunities, liquidity, firm
size, product uniqueness, earnings volatility, non-debt tax shields, dividend policy, and the effective tax rate. Next, in
order to test the relationship between capital structure and its potential determinants, multiple regression is run. The evidence
generally suggests the relevance of the pecking order hypothesis in explaining the financing choices of Polish firms.
相似文献
Kinga MazurEmail: |
11.
Phillip W. Magness 《Constitutional Political Economy》2009,20(2):177-192
This article explores an early attempt to establish a constitutional constraint on tariffs utilizing the Laffer Curve relationship.
In 1842 John Calhoun suggested that the curve’s revenue maximization apex could be used to differentiate between “Revenue”
and “Protective” tariffs independently from the non-judiciable question of legislative motive. When admitted that a tax must
actually be collected to remain constitutionally valid, the apex functions as a de facto upper tariff rate constraint. Despite
subsequently falling in disfavor, Calhoun’s argument illustrates the importance of political economy on the constitutional
level by recognizing conditions that induce policymakers to rationally raise tax rates at the expense.
相似文献
Phillip W. MagnessEmail: |
12.
David Hauner 《International Advances in Economic Research》2007,13(3):347-364
Projections of age-related public expenditure growth have raised widespread concerns about fiscal sustainability. This paper
examines how total expenditure would develop under four policy rules on public expenditure growth. Some simple arithmetic
of expenditure, GDP, and population is reviewed and applied in simulations for 19 OECD countries over 2000–50. A general and
a specific conclusion arise from the results. Generally, long-term expenditure projections could benefit from revisiting common
assumptions on non-age-related expenditure growth. Specifically, realistic gradual adjustment in non-age-related expenditures
could go a long way towards maintaining fiscal sustainability under age-related spending pressures.
相似文献
David HaunerEmail: |
13.
It is well-known that endogenous cycles can occur in Ramsey models with heterogeneous households and borrowing constraints.
In this note, we address the issue of robustness in the more general case of endogenous labor supply and we explain the occurrence
of local indeterminacy under progressive taxation.
相似文献
Thomas Seegmuller (Corresponding author)Email: |
14.
Schmitt-Grohé and Uribe (NBER wp 10724, 2004b) analyzes the optimal, simple and implementable monetary policy rules in a medium-scale macromodel, as the one proposed by
Christiano et al. (J Polit Econ 113:1–45, 2005). In doing so, they use a sensible, but somewhat arbitrary constraint to account for the lower bound condition on the nominal
interest rate. In this work, we check the robustness of their main results to such a criteria. We find that the optimal policies
are actually absolutely robust to the easing of this criterion for all the different cases considered.
相似文献
Guido AscariEmail: |
15.
Using official statistics and tax laws, we outline and discuss the evolution of the personal income tax in Austria since the
beginning of the Second Republic in 1955. Focusing on the tax tariff and its progressivity properties, we identify a period
of high (and increasing) progressivity before 1989, followed by a period of diminished progressivity since 1989. While still
being a powerful revenue instrument, the Austrian income tax seems to have lost both redistributive impact and political allure.
相似文献
Andreas WagenerEmail: |
16.
Luís F. Costa 《Portuguese Economic Journal》2006,5(1):45-65
In this article I develop an imperfectly competitive dynamic general equilibrium model for a small open economy integrated
in a monetary union. Here, the type of entry in the non-traded goods’ sector affects fiscal policy effectiveness. Fiscal policy
effectiveness is enlarged when aggregate demand stimuli increase intra-industrial competition (case I). This is due to the
counter-cyclical mark-up mechanism generated by entry. Such a mechanism is absent in the usual monopolistic competition where
entry only has a sharing effect (case II).
相似文献
Luís F. CostaEmail: URL: http://www.iseg.utl.pt/~lukosta/ |
17.
Using data from the Austrian retail gasoline market we find that a higher station density reduces average prices. Market (i.e. ownership) concentration does not significantly affect average price, however is negatively related to the density of stations. Estimation of the pricing and entry equations as simultaneous equations does not alter our conclusions, and suggests causality running from station density to price. We argue that the spatial dimension of markets allows the identification of market conduct, which is particularly relevant for competition policy.
相似文献
Klaus GuglerEmail: |
18.
Mansor H. Ibrahim 《International Review of Economics》2007,54(4):463-483
In this paper, we empirically examine the finance-economic development relations for the case of Malaysia. Using a battery
of time series econometric techniques, we document robust evidence suggesting favorable output effects of financial market
development. Likewise, there are consistent results showing the adverse real effects of financial volatility. The results
of the development of financial intermediaries, however, are fragile. Moreover, the development of the financial markets hinges
crucially on macro-economic performance and financial stability of the country. However, the process of financial market development
is likely to be accompanied by financial volatility, leaving Malaysia with the trade-off between financial development and
financial volatility. Lastly, we obtain limited evidence indicating the complementarity between financial market and banking
sector developments.
相似文献
Mansor H. IbrahimEmail: |
19.
Deena Waddell Skipper Hughlene A. Burton 《International Advances in Economic Research》2008,14(4):460-471
An alternative to the current US tax system would be a flat tax. According to its supporters, the flat tax would decrease
the complexity of the tax system. Opponents contend that the flat tax will shift the tax burden to the middle class. The current
research tested the claim that the flat tax will shift the tax burden to the middle class by developing simulations of two
flat tax proposals, the Steve Forbes Plan and the Hall and Rabushka Plan, and then examining the change in the tax burden
for different income levels as compared to the current tax system. The results show that both plans shift more of the tax
burden to middle income class taxpayers than under the current US tax system.
相似文献
Hughlene A. BurtonEmail: |
20.
Joel Sobel 《International Review of Economics》2009,56(1):3-16
This paper points out that classical competitive outcomes arise in two different market environments even if agents have non-classical
preferences. Consumers with separable, other-regarding preferences behave as if they have classical preferences in competitive
equilibrium. These outcomes need not be efficient, but under plausible conditions will be efficient following a redistribution
of income. In simple double-auction environments competitive outcomes arise under a wide range of assumptions on preferences
even without assuming separability. I discuss the importance of the domain of definition of preferences and how the preferences
present in the economy influence the performance of the trading institution.
相似文献
Joel SobelEmail: |