Essays On Human Capital And Taxation
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Essays On Human Capital And Taxation
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Author : Kirk A. Collins
language : en
Publisher:
Release Date : 2004
Essays On Human Capital And Taxation written by Kirk A. Collins and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
This body of work contains four essays. The first three use a novel approach to measuring the impact that taxation has on individuals' incentive to invest in human capital; specifically, a university education. The final essay uses the results from the first three to explore the capital levy problem in a new light. Using the framework for effective marginal tax rates (EMTRs) on physical capital, a conceptual framework is developed for measuring similar rates on human capital. Unlike their physical capital counterpart, effective tax rates (ETRs) on human capital are not measured at the margin, but rather are based on the next level of education attainment (e.g. high school vs. university/college). The reason, which is explained in detail, is that the lumpiness of human capital investment matters, unlike for physical capital. Results show that the progressivity of personal income taxation plays a large role in human capital ETRs, as do non-tax policy instruments (e.g. registered education savings plans, tuition and other direct costs to education, education allowances, etc.). Human capital ETRs are nonuniform, like their EMTR cousins, but are lower in magnitude. The results also support the view that the tax structure may influence the incentive for highly educated Canadians to seek employment in the United States, mitigating the brain drain phenomenon. The final essay looks at the capital levy problem. If capital investments are irreversible, governments can tax these items ex post with little (or no) deadweight loss. As a result, smart investors end up investing less in certain types of capital. In the end there is an underinvestment in capital. The problem with this view is that it only describes what happens in the case of physical capital investment. Given the importance of human capital in today's "knowledge-based" economy, it is imperative that the framework address both of these types of capital. A general equilibrium model is developed. Results support the view that it is more than wages alone that determine migration incentives; the structure of the tax system, public goods, adjustment costs, are all shown to play a role. Simulation results are also provided.
Three Essays On Human Capital
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Author : Yibo Zhang
language : en
Publisher:
Release Date : 2010
Three Essays On Human Capital written by Yibo Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Electronic dissertations categories.
First Chapter: Endogenous Skill Acquisition and Taxation (with James Bullard) This paper studies dynamic Mirrleesian-style taxation in a lifecycle economy. In contrast to the recent Mirrleesian dynamic optimal taxation literature, in which individual skills are subject to shocks but are otherwise fixed over time, agents in our model make a conscious decision about human capital acquisition (as well as when to retire) given their own aptitude for learning. This aptitude is private information. Human capital accumulation is the engine of growth in our model. We find that there will be no human capital accumulation, and hence no growth, in the economy when there is no taxation of any sort. We suggest a taxation scheme which will induce human capital accumulation and hence economic growth in this stylized environment. The key feature of the tax scheme is to provide incentives for human capital accumulation for those that have high aptitude by credibly transferring resources to them later in life, after they have revealed their aptitude. We show that only a moderate transfer is called for to induce growth in our calibrated economy. We also find that the timing of the tax-transfer may or may not matter for the income distribution depending on the exact form in which the taxation is levied (labor or capital income tax), but in general the tax-transfer scheme is highly non-monotonic. Second Chapter: Brain Drain and Brain Drain Reversal Departing from the previous theoretical studies on Brain Drain, which mainly focus on the welfare impact of the migration of skilled workers on the home country and on the foreign country, I build a theoretical model to study a somewhat different twin phenomena "brain drain" and "brain drain reversal". The brain drain and brain drain reversal of interest here is the trend that people from developing countries (most prominently from East Asian countries) who have studied in developed countries such as the U.S. go back to their home country sooner or later for good. I study these two phenomena in a two-period lifecycle economy where home country agents choose not only education location but also work location possibly multiple times in their lifetime. The model captures the crucial factors in agents' location choice decision including work-place premium, education-location premium, market opportunity gap (between home and foreign countries) as well as adaptability of skills. I solve the model analytically and conduct comparative statics analysis followed by calibration exercises based on data from Mainland China (1985-2006). Third Chapter: Human Capital Intensity, Education and Growth (with Jiaren Pang and Haibin Wu) Using the methodology of Rajan and Zingales (1998), we revisit the issue of human capital and economic growth by examining whether industries with higher human capital intensity tend to grow faster in countries with higher human capital stock. Not only are we able to avoid the many problems that have plagued the conventional cross-country growth regressions but the results are no longer mixed. We do not find that education improvement has a differential effect on industries with different human capital intensities. However, we have discovered that in countries with higher education levels and quality, high human capital intensity industries grow faster than low human capital intensity ones.
Essays On Human Capital Taxation And Adverse Selection
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Author : Adam Blandin
language : en
Publisher:
Release Date : 2016
Essays On Human Capital Taxation And Adverse Selection written by Adam Blandin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Equilibrium (Economics) categories.
This dissertation consists of three chapters. The first two explore the impact of government policies on human capital accumulation.Chapter one makes two novel contributions related to the two workhorse models in the human capital literature: Learning by Doing (LBD) and Ben-Porath (BP).First, I show that BP is much more consistent with empirical life-cycle patterns related to individual earnings growth rates relative to LBD.Second, I show that the same model features that generate different life-cycle predictions between models also generate different policy implications. In particular, increasing the top marginal labor tax rate, relative to the current US level, generates much larger reductions in lifetime human capital accumulation in the BP model versus the LBD model. Chapter two examines reforms to the Social Security taxable earnings cap in the context of a human capital model. Old age Social Security benefits in the US are funded by a 10.6% payroll tax up to a cap of $118,500. There has been little work examining the likely outcomes of such a policy change. I use a life-cycle BP human capital model with heterogeneous individuals to investigate the aggregate and distributional steady state impacts of several policy changes the earnings cap. I find that when I eliminate the cap: (1) aggregate output and consumption fall substantially; (2) the role of endogenous human capital is first order; (3) total federal tax revenues are lower or roughly unchanged; (4) about 1/3 of workers are made worse off.The final chapter studies the existence and optimality of equilibria in the presence of asymmetric information. I develop an equilibrium concept which corresponds to the presence of mutual insurance organizations for a class of adverse selection economies which includes the Spence (1973) signaling and Rothschild-Stiglitz (1976) insurance environments. The defining features of a mutual insurance organization are that policy holders are also the owners of the organization, and that the organization can write policies for which the terms depend on the experience of the mutual members. In general the equilibrium exists and is weakly Pareto optimal. Further, all equilibria have the same individual type utility vector.
Essays On Taxation Social Security Human Capital And Growth
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Author : Laiwu Zhang
language : en
Publisher:
Release Date : 1995
Essays On Taxation Social Security Human Capital And Growth written by Laiwu Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Economic development categories.
Essays On Inequality And Human Capital
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Author : Dohyoung Kwon
language : en
Publisher:
Release Date : 2015
Essays On Inequality And Human Capital written by Dohyoung Kwon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Capital gains tax categories.
I develop a growth model of human capital accumulation, and show analytically how those factors affect the dynamics of earnings inequality. The calibrated model accounts for 31 percent of the observed differences in earnings inequality between European countries and the US for 2003-07. Differences in returns to education investments and intergenerational earnings persistence are quantitatively important, suggesting the potential role of educational policy in ameliorating rising earnings inequality. Chapter 3, written jointly with Martin Gervais, analyzes the role of endogenous human capital accumulation in shaping optimal fiscal policy within a life-cycle growth model. We show that when investment in human capital is not verifiable---making the tax code incomplete---a non-zero capital income tax becomes optimal in order to alleviate the distortionary effects of the labor income tax on investment in human capital. This is true even if the government has access to a full set of age-dependent labor and capital income taxes. The main result is in sharp contrast to the finding in Jones et al. (1997) that all interest taxes are zero in infinitely-lived agent models with endogenous human capital formation.
Human Capital Economic Growth And Income Distribution Three Essays On Human Capital
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Author : Chang Gyu Kwag
language : en
Publisher:
Release Date : 1991
Human Capital Economic Growth And Income Distribution Three Essays On Human Capital written by Chang Gyu Kwag and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with categories.
Essay one is concerned with how and why an individual invests in human capital and how tax policy affects investment in human capital. We examine optimal investment in human capital and the effect of tax policy on human capital formation, and test several hypotheses derived from the theory using U.S. time-series data. Investment in human capital in terms of college enrollment rates is positively related to family income, rate of return to human capital, and unemployment rates, while it is negatively related to educational cost, and rate of return to physical capital. In addition, the average income tax rates show a negative effect on college enrollment rates. Essay two discusses human capital and economic growth. We first investigate the elasticities of substitution among inputs using the nested constant elasticity of substitution production function to focus on the so-called capital-skill complementarity hypothesis. We here compare two models: one is a model with human capital and raw labor, and the other is a model with higher skilled labor and lower skilled labor. In both models, the elasticities of substitution among inputs are very low, but the complementarity hypothesis is still weakly confirmed. Human capital turns out to be essential in achieving medium-term economic growth empirically. We also demonstrate the key role of human capital in the long-term steady state within the context of the endogenous growth model. Essay three considers the role of human capital on income distribution. Using the nested CES production function, we first derive factor shares, and then examine the relationship between functional and personal income distribution. An increase in share of labor income reduces overall income inequality, while an increase in share of transfer income has a negative effect on income distribution. Human capital, especially primary and secondary level of human capital stock, is a crucial factor in reducing income inequality. Finally, this study develops and presents new estimates of human capital stock in the United States, as well as annual earnings, and labor force by education level for the period 1947-1989. Data shows that the growth rate of GNP is very closely related to that of human capital stock. (Abstract shortened with permission of author.).
Essays On The Macroeconomics Of Taxation Education And Human Capital Formation
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Author : Zhao Jin
language : en
Publisher:
Release Date : 2021
Essays On The Macroeconomics Of Taxation Education And Human Capital Formation written by Zhao Jin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
Essays On Growth Human Capital And Income Distribution
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Author : Valerie Cerra
language : en
Publisher:
Release Date : 1996
Essays On Growth Human Capital And Income Distribution written by Valerie Cerra and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Capital categories.
Three Essays On Human Capital Child Care And Growth And On Mobility
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Author : Rizwana Alamgir-Arif
language : en
Publisher:
Release Date : 2012
Three Essays On Human Capital Child Care And Growth And On Mobility written by Rizwana Alamgir-Arif and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Child care categories.
This thesis contributes to the fields of Public Economics and Development Economics by studying human capital formation under three scenarios. Each scenario is represented in an individual paper between Chapters 2 to 4 of this thesis. Chapter 2 examines the effect of child care financing, through human capital formation, on growth and welfare. There is an extensive literature on the benefits of child care affordability on labour market participation. The overall inference that can be drawn is that the availability and affordability of appropriate child care may enhance parental time spent outside the home in furthering their economic opportunities. In another front, the endogenous growth literature exemplifies the merits of subsidizing human capital in generating growth. Again, other contributions demonstrate the negative implications of taxes on the returns from human capital on long run growth and welfare. This paper assesses the long run welfare implications of child care subsidies financed by proportional income taxes when human capital serves as the engine of growth. More specifically, using an overlapping-generations framework (OLG) with endogenous labour choice, we study the implications of a distortionary wage income tax on growth and welfare. When the revenues from proportional income taxes are channelled towards improving economic opportunities for both work and schooling investments in the form of child care subsidies, long run physical and human capital stock may increase. A higher level of growth may ensue leading to higher welfare. Chapter 3 answers the question of how child care subsidization works in the interest of skill formation, and specifically, whether child care subsidization policies can work to the effect of human capital subsidies. Ample studies have highlighted the significance of early childhood learning through child care in determining the child's longer-term outcomes. The general conclusion has been that the quality of life for a child, higher earnings during later life, as well as the contributions the child makes to society as an adult can be traced back to exposures during the first few years of life. Early childhood education obtained through child care has been found to play a pivotal role in the human capital base amongst children that can benefit them in the long run. Based on this premise, the paper develops a simple Overlapping Generations Model (OLG) to find out the implications of early learning on future investments in human capital. It is shown that higher costs of child care will reduce skill investments of parents. Also, for some positive child care cost, higher human capital obtained through early childhood education can induce further skill investments amongst individuals with a higher willingness to substitute consumption intertemporally. Finally, intervention that can internalize the intra-generational human capital externalities arising from parental time spent outside the home - for which care/early learning is required to be purchased for the child - can unambiguously lead to higher skill investments by all individuals. Chapter 3 therefore proposes policy intervention, such as child care subsidization, as the effect of such will be akin to a human capital subsidy. The objective of Chapter 4 is to understand the implications of inter-regional mobility on higher educational investments of individuals and to study in detail the impact of mobility on government spending for education under two particular scenarios --one in which human capital externalities are non-localized and spill over to other regions (e.g. in the form of R & D), and another in which the externalities are localized and remain within the region. It is shown that mobility enhances private investments in education, and all else equal, welfare should be higher with increased migration. The impacts on government educational expenditures are studied and some policy implications are drawn. In general, with non-localized externalities, all public expenditures decline under full-migration. Finally under localized externalities, the paper finds that governments will increase their financing of education to increasingly mobile individuals only when agglomeration benefits outweigh congestion costs from increases in regional population.
Brains On The Move Essays On Human Capital Mobility In A Globalizing World And Implications For The Canadian Economy
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Author : Easton
language : en
Publisher:
Release Date :
Brains On The Move Essays On Human Capital Mobility In A Globalizing World And Implications For The Canadian Economy written by Easton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.