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Record Nr. |
UNINA9910810966703321 |
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Autore |
Tervala Juha |
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Titolo |
Tax Reforms, “Free Lunches”, and “Cheap Lunches” in Open Economies / / Juha Tervala, Giovanni Ganelli |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2008 |
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ISBN |
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1-4623-4368-6 |
1-4527-1376-6 |
1-4518-7085-X |
9786612841781 |
1-282-84178-5 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (32 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/08/227 |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Taxation - Econometric models |
Public welfare - Econometric models |
Macroeconomics |
Public Finance |
Taxation |
Business Taxes and Subsidies |
Personal Income and Other Nonbusiness Taxes and Subsidies |
Taxation, Subsidies, and Revenue: General |
Macroeconomics: Consumption |
Saving |
Wealth |
Public finance & taxation |
Consumption taxes |
Income and capital gains taxes |
Revenue administration |
Consumption |
Tax collection |
Spendings tax |
Income tax |
Revenue |
Economics |
Tax administration and procedure |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. The Model; A. Households; B. The Government; C. Firms; D. The Initial Steady State; III. Parameterization; IV. The Domestic and International Effects of a Cut in the Income Tax Rate; A. The Impact on the Domestic Economy; B. The International Effects; V. Consumption Tax Cuts; VI. A Revenue Neutral Tax Reform; VII. Sensitivity Analysis; VII. Conclusions; Appendix; References |
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Sommario/riassunto |
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This paper focuses on the macroeconomic and budgetary impact of tax reforms in a New Keynesian two-country model. Our results show that both income and consumption unilateral tax rate reductions do not constitute a "free lunch", in the sense that they have negative budgetary consequences for the country which implements them. In addition, the degree of self-financing implied by our model is in the 8½-24 percent range. Since the degree of self-financing estimated in previous literature was larger, we conclude that in our model not only the "lunch" is not "free", but is also not that "cheap". A comparison of alternative (income-tax versus consumption-tax based) fiscal stimulus packages shows that consumption tax cuts imply a larger short-run impact on domestic output but the income tax cuts stimulate the domestic economy more in the long run. We also look at the implications of a revenue-neutral tax reform in which consumption taxes are increased to compensate for lower income tax collection. |
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