The Horizontally s-shaped laffer curve
The Horizontally s-shaped laffer curve
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水平S形拉弗曲线
DOI：
10.1093/jeea/jvx027
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
Jean
中科院分区：
文献类型：
--
作者：
P. Fève;J. Matheron;Jean
在不完全市场和异质性、流动性约束的新古典增长模型中，拉弗曲线的性质取决于债务或转移支付是否被调整以平衡政府预算约束。以公共债务为条件的拉弗曲线是水平S形的。两种相反的力量解释了这一结果。首先，当政府财富增加时，财政负担就会下降，这就要求降低税率。第二，因为当政府财富增加时，利率下降，财政收入也可能下降，需要提高税收。对于足够负的政府债务，第二种力量占主导地位，导致以债务为条件的拉弗曲线的奇怪形状。
In a neoclassical growth model with incomplete markets and heterogeneous, liquidity-constrained agents, the properties of the Laffer curve depend on whether debt or transfers are adjusted to balance the government budget constraint. The Laffer curve conditional on public debt is horizontally S-shaped. Two opposing forces explain this result. First, when government wealth increases, the fiscal burden declines, calling for lower tax rates. Second, because the interest rate decreases when government wealth increases, fiscal revenues may also decline, calling for higher taxes. For sufficiently negative government debt, the second force dominates, leading to the odd shape of the Laffer curve conditional on debt.