中級宏觀經(jīng)濟學(xué)上海財經(jīng)大學(xué)經(jīng)濟學(xué)院沈凌16government3(56)(參考版)
2024-08-03 03:44本頁面
【正文】 ? we find again that the deficitfinanced tax cut in year 1 has no ine effects on households. Macroeconomics Chapter 14 30 Budget Constraints and Budget Deficits ? Ricardian Equivalence More Generally ? If the time path of Gt is given (and if Vt = 0), we can show that a higher Bg0/P requires the government to collect a correspondingly higher present value of real taxes, Tt, to finance the debt. ? This higher present value of real taxes exactly offsets the higher Bg0/P. Thus, we still have no ine effects on households. Macroeconomics Chapter 14 31 Economic Effects of a Budget Deficit ? What happens in the equilibrium businesscycle model when the government cuts year 1’s real taxes, T1, and runs a budget deficit? ? Economists often refer to this type of change as a stimulative fiscal policy. Macroeconomics Chapter 14 32 Economic Effects of a Budget Deficit ? LumpSum Taxes ? the cut in year 1’s real taxes, T1, and the increases in future real taxes, Tt , all involve lumpsum taxes. ? no substitution effects on consumption and labor supply. ? We have found in our equilibrium businesscycle model that a deficitfinanced tax cut does not stimulate the economy. In particular, real GDP, Y, gross investment, I, and the real interest rate, r , do not change Macroeconomics Chapter 14 33 Economic Effects of a Budget Deficit ? Labor Ine Taxes ? The fall in T1 is acpanied by a decline in (τw)1. ? The changes in marginal ine tax rates, (τw)1 and (τw)2, affect the labor market in years 1 and 2. Macroeconomics Chapter 14 34 Economic Effects of a Budget Deficit Macroeconomics Chapter 14 35 Economic Effects of a Budget Deficit Macroeconomics Chapter 14 36 Economic Effects of a Budget Deficit ? Labor Ine Taxes ? The increase in (τw)2 lowers labor supply in year 2. This decrease in labor supply leads, when the labor market clears, to a lower quantity of labor, (L2). The reduced labor input leads to a decrease in year 2’s real GDP, Y2. Macroeconomics Chapter 14 37 Economic Effects of a Budget Deficit ? Labor Ine Taxes ? a budget deficit allows the government to change the timing of labor input and production. ? A budget deficit that finances a cut in year 1’s tax rate on labor ine motivates a rearrangement of the time pattern of work and production — toward the present (year 1) and away from the future (year 2). Macroeconomics Chapter 14 38 Economic Effects of a Budget Deficit ? Asset Ine Taxes ? changes in the timing of assetine tax rates cause changes in the timing of consumption, C, and investment, I. ? The general point is that, by running budget deficits or surpluses, the government can induce changes in the timing of various aspects of economic activity: L, Y, C, and I. Macroeconomics Chapter 14 39 Economic Effects of a Budget Deficit ? The Timing of Taxes and TaxRate Smoothing ? We have found that budget deficits and surpluses allow the government to change the timing of tax rates. ? However, it would not be a good idea for the governm
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