Progressive Taxation, Endogenous Growth, and Macroeconomic (In)Stability
Progressive Taxation, Endogenous Growth, and Macroeconomic (In)Stability
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累进税制、内生增长和宏观经济稳定
DOI：
10.1111/boer.12062
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发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Jang‐Ting Guo
中科院分区：
文献类型：
--
作者：
Shu;Jang‐Ting Guo
在标准的单部门内生增长 AK 模型的背景下，我们表明，在收入累进税制下，经济表现出均衡不确定性和信念驱动的总波动。当税制递减或平坦时，经济的平衡增长路径表现出鞍形路径稳定性和均衡唯一性。这些结果意味着，与传统的自动稳定器形成鲜明对比的是，累进所得税可能会产生由代理人的自我实现预期或太阳黑子驱动的周期性波动，从而破坏内生增长的宏观经济的稳定。
In the context of a standard one-sector AK model of endogenous growth, we show that the economy exhibits equilibrium indeterminacy and belief-driven aggregate fluctuations under progressive taxation of income. When the tax schedule is regressive or flat, the economy's balanced growth path displays saddle-path stability and equilibrium uniqueness. These results imply that in sharp contrast to a conventional automatic stabilizer, progressive income taxation may destabilize an endogenously growing macroeconomy by generating cyclical fluctuations driven by agents' self-fulfilling expectations or sunspots.