Essays On The Macroeconomics Of Taxation Education And Human Capital Formation
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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 In Macroeconomics
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Author : Syed Muhammad Hussain
language : en
Publisher:
Release Date : 2012
Essays In Macroeconomics written by Syed Muhammad Hussain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Brain drain categories.
"This dissertation considers two distinct issues in macroeconomics. The first and second chapters look at the effects of changes in tax policy on productivity of an economy from an empirical and theoretical stand point. The third chapter concerns the implications of cross-national migration for long-run growth and welfare. In the first chapter, I analyze the effects of tax policy changes on US total factor productivity (TFP). A substantial fraction of the income differences between countries can be explained by differences in TFP. Thus it is important to know the effects of policy changes on TFP. This is the first study that looks at the effect of changes in tax policy on TFP. Data on tax shocks comes from the sources used by Romer and Romer (2009). Empirical estimates show that a 1 percent permanent exogenous rise in total taxes lowers TFP by up to 1.75 percent in the long run. The drop in output associated with the increase in taxes is between 2 and 3 percent. Thus the change in TFP explains most of the movement in output that follows a tax change. Individual income taxes have a strong and significant effect on TFP whereas corporate income taxes do not significantly affect TFP or most other macroeconomic variables. The analysis also shows that the effects of tax changes on output and on observable inputs have become smaller over time while the effects on TFP and on wages have become larger over time. In the second chapter, I build a dynamic stochastic general equilibrium model to explain the dynamic macroeconomic effects of tax changes. The model has two key features: learning-by-doing at the worker level and endogenous TFP evolution whereby TFP growth depends on investment and human capital. When I calibrate the learning-by-doing and TFP evolution processes using micro evidence on the effect of human capital accumulation on productivity, the effect of taxes on TFP in the model is substantially less elastic than in the data. When I instead select parameters to match key aggregate moments, the estimated model is successful in accounting for the qualitative and quantitative nature of the empirical results. However, this requires stronger learning-by-doing than seems reasonable given the microeconomic evidence. I argue that the gap between the model and data may arise because some of the tax changes labeled as exogenous by Romer and Romer (2009) are in fact endogenous in which case the empirical results would overstate the true effects of tax changes on TFP. The difference between model and data may also arise because of the model not being rich enough. The model drives its components from both the business cycle and endogenous growth literature, thus the gap between model and data perhaps shows that the literature is not adequate in explaining observed patterns in the data. The third chapter characterizes the effect of the much-discussed 'brain drain' - the migration of relatively skilled workers from less to more advanced economies - on long-run development in the workers' home nation. A summary of the model is as follows: I employ a life cycle model with two countries, one poor and one rich, with endogenous migration and return migration decisions from and to the poor country. Workers working in the poor country receive wage offers from the rich country and decide to migrate to the rich country if the wage offer and subsequent wage growth gives them a higher lifetime utility than from staying in the poor country. The workers who migrate to the rich country have higher wage and skill growth rates than the workers in poor. The central question of this chapter is to evaluate the costs and benefits of a policy where the government of the poor country incentivizes the expatriates to return from the rich country to the poor country to take advantage of their superior skills that they accumulate while working in the rich country. The direct benefit from calling back workers from the rich country is the increase in output of the poor country because of the higher skills of return migrants relative to domestic workers. The indirect benefit to the poor country is the increase in skill level of domestic workers because of the positive externalities from the returning workers. However, every worker that is called back to work in the poor country must also be given high enough compensation so that he is indifferent between working in the two countries. This is the cost of bringing a worker back. These costs and benefits determine 1) whether it is beneficial to call expatriates back or not, and 2) which workers benefit the country the most. Results show that the economy can gain the most by calling back workers with skill levels that are 1.28 standard deviations above the mean skill level of domestic workers. In the model, since skill is a combination of education and experience, this skill level in real life can either correspond to highly skilled young professionals or highly experienced professional or a combination of both. Calling back workers of lower skill levels will lower the gain since their experience in the rich country would not be high and hence the superior skill accumulation would be lower. Calling back workers of higher skill levels will lower the gain since the cost of calling them back would be too high"--Page v-vii.
Taxes And Capital Formation
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Author : Martin Feldstein
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Taxes And Capital Formation written by Martin Feldstein and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Business & Economics categories.
Economists have long recognized the importance of capital accumulation for productivity and economic growth. The National Bureau of Economic Research is currently engaged in a study of the relationship between such accumulation and taxation policies, with particular focus on saving, risk-taking, and corporate investment in the United States and abroad. The papers presented in Taxes and Capital Formation are accessible, nontechnical summaries of fourteen individual research projects within that study. Complete technical reports on this research are published in a separate volume, The Effects of Taxation on Capital Accumulation, also edited by Martin Feldstein. By addressing some of the most critical policy issues of the day with a minimum of economic jargon, Taxes and Capital Formation makes the results of Bureau research available to a wide audience of policy officials and staff as well as to members of the business community. The volume should also prove useful for courses in public policy, business, and law. In keeping with Bureau tradition, the papers do not contain policy recommendations; instead, they promote a better understanding of how the economy works and the effects of specific policies on particular aspects of the economy.
Three Essays On The Macroeconomics Of Human Capital And Growth
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Author : Mercy Laita Palamuleni
language : en
Publisher:
Release Date : 2014
Three Essays On The Macroeconomics Of Human Capital And Growth written by Mercy Laita Palamuleni and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This dissertation encompasses three essays on the macroeconomics of human capital and economic growth. Below are the individual abstracts for each essay. Essay 1: Does Public Education Spending Increase Human Capital? I investigate the effect of public education spending on the quality of human capital as measured by international student test scores in science and mathematics, conditional on the efficiency of a country's governance. Combining World Bank country level data on government efficiency with rich micro data from the OECD PISA-2009, I estimate a human capital production function from student level data. Prior work suggests that public education expenditures are inconsequential for student achievement. I illustrate that public education spending matters for student test scores when one uses student level data instead of aggregate country level data. These results are robust to controlling for governance measures such as corruption control and regulatory quality. An implication is that less efficient government does not preclude improving test scores through education spending. Essay 2: Inequality of Opportunity in Education: International Evidence from PISA. I provide lower-bound estimates of inequality of opportunity in education (IEO) using micro-data from the Programme for International Student Assessment (PISA). The measure represents variation in student mathematics test scores which can be explained by predetermined circumstances (including parental education, gender, and additional community variables). I explore the heterogeneity of the measure at the top and bottom of the test score distribution, and demonstrate that IEO accounts for 10 percent of the variation in test scores for students at the top and bottom of the test score distribution. Using this inequality measure I establish three main conclusions. (1) IEO decreases overall in response to an increase in preprimary enrollment rates. An implication here is that improvements in early childhood education might mitigate the effects of IEO factors for some students. (2) IEO increases in a manner which relates to overall inequality. This indicates the possibility of a more general persistence to inequality factors. An implication is that equity-based education policies can be a key tool for reducing income inequality. (3) There is evidence of an equity-efficiency tradeoff in education. An implication here is that public education policies aimed at reducing IEO might hinder overall education efficiency, in that it decreases academic achievement for some groups of students. Essay 3: Public Education Spending and Economic Growth: The Role of Governance. Although the theoretical literature often connects public education spending to growth, individual empirical findings sometimes conflict. In this paper I propose that inefficiencies in public education spending might explain these inconsistencies. Using a dataset from both developed and developing countries observed over the period of 1995 to 2010, I demonstrate that the efficiency of public education spending on growth depends on a country's level and quality of governance. I also find evidence that increasing educational spending is associated with higher economic growth only in countries that are less corrupt. These findings have important implications for the formation of effective education policies in developing countries. They illustrate that efficient public education spending augments economic growth in a way that increased spending alone does not match.
Growth Effects Of Income And Consumption Taxes
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Author : Gian Maria Milesi-Ferretti
language : en
Publisher:
Release Date : 1998
Growth Effects Of Income And Consumption Taxes written by Gian Maria Milesi-Ferretti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Economic development categories.
Essays On Macroeconomics Of Human Capital Accumulation
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Author : Iuliia Dudareva
language : en
Publisher:
Release Date : 2022
Essays On Macroeconomics Of Human Capital Accumulation written by Iuliia Dudareva and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
In the first chapter, I study how pre-college parental investment affects sorting of students into colleges. I estimate the efficiency of the decentralized allocation and explore the implications of pre-college investment for intergenerational mobility. I embed a student-to-college assignment model into a two-period overlapping generations model with endogenous human capital investment. I calibrate the model to NLSY97 cohort and find that the race to the top induces overinvestment in pre-college human capital and associated output losses relative to the first best. The effect is more pronounced for high-income families which promotes income persistence at the top of the college distribution. In the second chapter, we explore one aspect of U.S. education that has not garnered a lot of attention until fairly recently that is occupational choice. We add an education sector to an otherwise standard Hsieh et al. (2019)-style model to explore the extent to which changes in career opportunities in other occupations affect the selection of workers into teaching careers. In our model, changes in the allocation of teaching talent have implications for the evolution of class size as well as quality of instruction and hence the accumulation of human capital during the workers' formative years. This gives rise to a trade-off between static and dynamic efficiency, which we quantify by way of a structural model.
Essays On Macroeconomic Growth
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Author : Aditi Mitra
language : en
Publisher:
Release Date : 2012
Essays On Macroeconomic Growth written by Aditi Mitra and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Capital productivity categories.
This paper analyzes the effects of technological change on growth and inequality in a two-sector endogenous growth model. The first two chapters consider two variations of the time path of the shock - discrete and gradual. We find that the effects on inequality depend upon: (i) whether the underlying source of inequality stems from differential initial endowments of human capital or physical capital, (ii) the time horizon over which the productivity increase occurs. Our results suggest that an increase in the growth rate resulting from productivity enhancement in the human capital sector will increase inequality. Productivity enhancement in the final output sector, although not having permanent growth effects, will reduce inequality. In either case the responses of inequality increase, the more gradually the productivity increase takes place. In the third chapter, we study this tradeoff in the context of fiscal policy. Where-as a subsidy to the human capital sector unambiguously increases growth and reduces inequality, the magnitude of the tradeoff depends on whether this subsidy is financed by taxes on income from physical capital, or from human capital. We find that, in general, a tax on human capital is preferable to one on physical capital, since it generates a more favorable tradeoff. Once again, the results eventually depend on the initial source of heterogeneity. The model can generate a positive or negative relationship between inequality and growth, depending upon the relative size of these effects, consistent with the diverse empirical evidence.
Taxation And Endogenous Growth In Open Economies
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Author : Mr.Gian Milesi-Ferretti
language : en
Publisher: International Monetary Fund
Release Date : 1994-07-01
Taxation And Endogenous Growth In Open Economies written by Mr.Gian Milesi-Ferretti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-07-01 with Business & Economics categories.
This paper examines the effects of taxation of human capital, physical capital and foreign assets in a multi-sector model of endogenous growth. It is shown that in general the growth rate is reduced by taxes on capital and labor (human capital) income. When the government faces no borrowing constraints and is able to commit to a given set of present and future taxes, it is shown that the optimal tax plan involves high taxation of both capital and labor in the short run. This allows the government to accumulate sufficient assets to finance spending without any recourse to distortionary taxation in the long run. When restrictions to government borrowing and lending are imposed, the model implies that human and physical capital should be taxed similarly.
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.
Tax Burden And Migration
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Author : Assaf Razin
language : en
Publisher: International Monetary Fund
Release Date : 1996
Tax Burden And Migration written by Assaf Razin and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
The extent of taxation and redistribution policy is generally determined at a political-economy equilibrium by a balance between those who gain and those who lose from a more extensive tax-transfer policy. In a stylized model of migration and human capital formation, we find, somewhat against conventional wisdom, that low-skill migration may lead to a lower tax burden and less redistribution than no migration, even though the migrants join the pro-tax coalition.