Aggregate and distributional effects of tax policy in a heterogeneous agent economy
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- Tez No: 400318
- Danışmanlar: PROF. STEPHEN J. TURNOVSKY
- Tez Türü: Doktora
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2009
- Dil: İngilizce
- Üniversite: University of Washington
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Ekonomi Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 145
Özet
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Özet (Çeviri)
This dissertation aims to investigate aggregate and distributional effects of taxpolicy. To do so, it utilizes endogenous growth models with heterogeneous agents.We address two main research questions. First, we analyze how the progressivity ofincome taxes affects economic growth, average labor supply and income distributionin a theoretical economy. We show that the effects of higher tax progressivity ongrowth rate and income distribution are analytically ambiguous in a model withelastic labor supply. Since income distribution, labor supply, and growth rate aredetermined endogenously, a more progressive tax system does not necessarily lead toa lower growth rate and improved income distribution as it does in the inelastic laborsupply case. Numerical simulations suggest that higher progressivity reduces thegrowth rate, average labor supply and income inequality in the economy. Using asimple welfare inequality measure, we also show that welfare inequality does notalways move together with income inequality. We also calibrate the model to US andGerman data for 1970-74 and 1986-89 periods. Our findings suggest that the degreeof progressivity is a major factor in explaining the patterns of US and German laborsupply over time. Finally, predictions of the model match the trends of economicgrowth and income inequality in the US and Germany during the same time period.In the second part of the dissertation, we analyze the effects of tax policy in aheterogeneous agent model with interdependent preferences. Catching up with theJoneses type preferences we use enables us to examine the time paths of theaggregate and distributional variables and their steady state values. In addition to theanalytical derivation of long-run effects of tax policy, we run numerical simulationsto compare our results to keeping up with the Joneses type preferences andconventional preferences. Our results show that the consumption externality that ispresent in this type of preference setting alters the aggregate and distributionaleffects of tax policy. We also show that labor and consumption taxes can increase theaggregate welfare by correcting the consumption externality.
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