Capital Taxation with Entrepreneurial Risk
Capital Taxation with Entrepreneurial Risk
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资本税与创业风险
DOI：
10.2139/ssrn.1319594
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
Vasia Panousi
中科院分区：
文献类型：
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作者：
Vasia Panousi
本文研究了具有不可保创业风险的动态异质主体经济中的资本税收效应。尽管它考虑了丰富的一般均衡效应和财富的平稳分配，但该模型是非常容易处理的。这不仅可以对稳定状态进行清楚的分析，还可以对税收政策发生任何变化后的整个过渡动态进行明确的分析。与完全市场范式或Bewley类型的模型不同，在Bewley类型的模型中，特殊风险只影响劳动收入，这里的研究表明，资本税收实际上可能刺激资本积累。这种可能性之所以出现，是因为资本税中保险方面的一般均衡效应。特别是，对于首选的校准版本的模型，当资本税为25%时，每工作小时的产出比税率为零的情况下高出2.2%。关于资本税改革的福利效应，本文考察了这些效应是如何取决于人们是关注稳定状态还是考虑到过渡动态，以及它们在人口的不同部分(富人与穷人，创业者与非创业者)中的变化。
This paper studies the effects of capital taxation in a dynamic heterogeneous-agent economy with uninsurable entrepreneurial risk. Although it allows for rich general-equilibrium effects and a stationary distribution of wealth, the model is highly tractable. This permits a clear analysis, not only of the steady state, but also of the entire transitional dynamics following any change in tax policies. Unlike either the complete-markets paradigm or Bewley-type models where idiosyncratic risk impacts only labor income, here it is shown that capital taxation may actually stimulate capital accumulation. This possibility emerges because of the general-equilibrium effects of the insurance aspect of capital taxation. In particular, for the preferred calibrated version of the model, when the tax on capital is 25 percent, output per work-hour is 2.2 percent higher than it would have been had the tax rate been zero. Turning to the welfare effects of a reform in capital taxation, it is examined how these effects depend on whether one focuses on the steady state or also takes into account transitional dynamics, as well as how they vary in the cross-section of the population (rich versus poor, entrepreneurs versus non-entrepreneurs).