Three Essays On Taxation And Macroeconomic Dynamics
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Three Essays On Taxation And Macroeconomic Dynamics
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Author : Simon Voigts
language : en
Publisher:
Release Date : 2017
Three Essays On Taxation And Macroeconomic Dynamics written by Simon Voigts and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Three Essays In Macroeconomics
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Author : Kyoung Jin Choi
language : en
Publisher:
Release Date : 2011
Three Essays In Macroeconomics written by Kyoung Jin Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Electronic dissertations categories.
The scope of the dissertation is (broadly-defined) general macroeconomics. The first essay is on optimal taxation and capital structure, the second essay is on firm dynamics, and the third essay is on financial crises. The first essay clarifies the role of the corporate income tax (as a form of double taxation) for achieving socially optimal allocations in the Mirrlees framework when the government cannot tax unrealized capital income at the individual level. Use of the corporate tax requires changes in the individual capital tax. The novelty of the paper is that the sophisticated tax system is designed to influence the individual agent's portfolio choice of debt and equity, which in turn endogenizes the leverage ratio. The optimum corporate tax is indeterminate, but a minimal level is ecessary. An immediate question is what happens to capital structure if we increase or decrease the level of the corporate tax. Surprisingly, unlike in classical capital structure theories, in this optimal tax mechanism, the firm's leverage ratio is independent of the corporate tax rate. The second essay examines firm dynamics to explain the following empirical facts: (i) The size of a firm and its growth rate are negatively correlated; (ii) but, they are often independent for firms above a certain size. Existing theories of firm dynamics can explain the first fact, but cannot explain the second. This paper studies a dynamic moral hazard problem under an AK-technology. In a first best world, the expected growth rate is strictly decreasing with capital. However, with information asymmetry our theory is consistent with both empirical facts because the optimal contract dictates under-investment in low-level capital states and over-investment in high-level capital states. The reason is that the given convex production technology becomes nonconvex in equilibrium due to the information asymmetry and the degree of the nonconvexity differs by the level of capital. We also fully characterize the agent's incentives. The capital accumulation mechanism induces incentive schemes that are different from optimal contracts in the literature on principal-agent models. Finally, in the third essay - This essay is a joint work with Costas Azariadis - we propose a model of financial crises as transitions from an efficient and unstable state to an inefficient and stable state in a simple economy with sector-specific shocks. The main driving force of this transition is the unwinding of unsecured loans. Introducing public debt increases the volatility of stock prices. We also discuss possible policy interventions.
Three Essays In Dynamic Macroeconomics
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Author : Hernán J. Moscoso Boedo
language : en
Publisher:
Release Date : 2006
Three Essays In Dynamic Macroeconomics written by Hernán J. Moscoso Boedo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Three Essays On Time Series Macroeconomics
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Author : Pedro H. Albuquerque
language : en
Publisher:
Release Date : 2022
Three Essays On Time Series Macroeconomics written by Pedro H. Albuquerque 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.
The first two chapters of this thesis propose new time-series methods and apply them to macroeconomic problems, while the third chapter evaluates the predictions of a dynamic general equilibrium model. The first chapter develops a practical log-linear aggregation procedure, which is applied to the heterogeneous growth problem in the U.S. The second chapter presents a simple nonparametric long-run correlation estimator with optimal lag-selection and alignment criteria, and uses it to measure interconnections between American and Latin-American stock returns. The third chapter uses a dynamic general equilibrium model to analyze the effects of bank account debits taxation. Time-series techniques are employed to empirically evaluate the model predictions. In the first chapter, a practical aggregation method for heterogeneous log-linear functions is presented. Inequality measures are employed in the construction of an exact representation of the aggregate behavior of an economy formed by heterogeneous log-linear agents. The exact aggregate representation is relatively simple and intuitive. It can be used thereafter in applied issues and in teaching, easing the solving and understanding of aggregation problems. Three macroeconomic applications are discussed: the aggregation of the Lucas supply function, the time-inconsistent behavior of an egalitarian social planner facing heterogeneous discount rates, and the case of a simple heterogeneous growth model. The latter application, which leads to a decomposition of growth rates of the mean into means of growth rates plus inequality changes, is explored empirically. Aggregate CPS data is used to show that, when inequality changes are taken in consideration, the slowdown that followed the first oil shock appears to be worse than usually thought. Additionally, the “new economy” growth resurgence seems less impressive when compared to the growth performance of the period that preceded the first oil shock. In the second chapter, a simple consistent nonparametric estimator of the long-run correlation between two variables is proposed, based on the estimation of the bivariate k-lag difference correlation. It is shown that the estimator is asymptotically equivalent to the Bartlett kernel spectral estimator of the complex coherency at frequency zero. The asymptotic distribution is derived, with a test for the absence of long-run correlation. Optimal lag-selection and alignment criteria are presented. Monte Carlo experiments show that the asymptotic approximations are satisfactory, sometimes even for small samples. They also reveal that the lag-selection and alignment criteria are effective. Long-run correlations between American and Latin-American stock returns are considered. The estimates increase substantially in the second half of the nineties. The results could indicate the presence of a correlation component common to Latin-American markets, which was important in the second half of the period but not in the first. The significant development of investment funds specialized in Latin-American markets and the much-improved foreign access after capital account liberalization in the region may be among the explanations for these patterns. The third chapter uses a dynamic general equilibrium model to study the economic effects of bank account debits (BAD) taxation. Australia and various Latin-American countries have levied or levy BAD taxes. Theoretical aspects such as tax cascading, financial disintermediation, market illiquidity, impacts on dividend and interest rates, tax revenue, government deficit, and effective rates on final transactions are considered. The Brazilian BAD tax (CPMF) experience is evaluated. The empirical analysis shows that revenue productivity appears to be very sensitive to the tax rate, engendering a Laffer curve. It is also shown that there may be impacts on real interest rates. Part of the BAD tax revenue can be lost due to increased interest payments on government debt. Furthermore, the deadweight losses seem to be significant if compared to revenues. Theory and evidence indicate that the BAD acronym is perhaps more than a witticism.
Macroeconomic Effects Of Tax Rate And Base Changes Evidence From Fiscal Consolidations
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Author : Ms.Era Dabla-Norris
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-28
Macroeconomic Effects Of Tax Rate And Base Changes Evidence From Fiscal Consolidations written by Ms.Era Dabla-Norris 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 2018-09-28 with Business & Economics categories.
This paper examines the macroeconomic effects of tax changes during fiscal consolidations. We build a new narrative dataset of tax changes during fiscal consolidation years, containing detailed information on the expected revenue impact, motivation, and announcement and implementation dates of nearly 2,500 tax measures across 10 OECD countries. We analyze the macroeconomic impact of tax changes, distinguishing between tax rate and tax base changes, and further separating between changes in personal income, corporate income, and value added tax. Our results suggest that base broadening during fiscal consolidations leads to smaller output and employment declines compared to rate hikes, even when distinguishing between tax types.
Three Essays On Time Series Macroeconomics
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Author : Pedro H. Albuquerque
language : en
Publisher:
Release Date : 2001
Three Essays On Time Series Macroeconomics written by Pedro H. Albuquerque and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Three Essays In Dynamic Open Economy Macroeconomics
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Author : Peter Michael Summers
language : en
Publisher:
Release Date : 1993
Three Essays In Dynamic Open Economy Macroeconomics written by Peter Michael Summers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Debts, External categories.
Three Essays On Skill Premium College Choice And Investment Specific Technological Change
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Author : Hui He
language : en
Publisher:
Release Date : 2007
Three Essays On Skill Premium College Choice And Investment Specific Technological Change written by Hui He and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Three Essays On Macroeconomics
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Author : Charles S. Wassell
language : en
Publisher:
Release Date : 2003
Three Essays On Macroeconomics written by Charles S. Wassell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Macroeconomic Dynamics
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Author : Bernard J. F. Lonergan
language : en
Publisher: University of Toronto Press
Release Date : 1988-01-01
Macroeconomic Dynamics written by Bernard J. F. Lonergan and has been published by University of Toronto Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-01-01 with Business & Economics categories.
Macroeconomic Dynamics represents the economic thought of Lonergan at the end of his career. His analysis breaks from centralist theory and practice towards a radically democratic perspective on surplus income and non-political control, and explores more fully the ideas introduced in For a New Political Economy.