Progressive Taxation and Macroeconomic (In)stability
2015/06/16
研討會日期 : 2015-06-16
時間 : 14:30
主講人 : Professor Jang-Ting Guo
主持人 : Professor Juin-Jen Chang
地點 : Conference Room B110
演講者簡介 : Professor Guo received his Ph.D. in Economics from University of California, Los Angeles at 1993. He is currently a Professor of Economics at University of California, Riverside at 2006. His research fields are Sunspots, Self-Fulfilling Beliefs in Real Business Cycle Models, Indeterminacy and Stabilization Policy, Fiscal Policy and Macroeconomic Stability, Macroeconomic Aspects of Public Finance, Dynamic Optimal Nonlinear Income Taxation, International Real Business Cycles. Monetary Stability and Endogenous Growth, Macroeconomic Effects of Environmental Quality, Dynamic Optimal Fiscal Policy and Business Cycles, Monopolistic Competition, Firm Size and Welfare, Income Inequality and Economic Growth, and Exchange Rate Exposure of Firms.
演講摘要 : It has been shown that in an otherwise standard one-sector real business cycle model with an indeterminate steady state under laissez faire, sufficiently progressive income taxation can insulate the economy against cyclical fluctuations caused by agents' animal spirits -- a result that turns out to be qualitatively consistent with traditional Keynesian-type stabilization policies. In a series of recent articles, we have analytically shown that this previous finding no longer holds within an identical model economy which allows for useful government spending and/or sustained endogenous growth. Specifically, in contrast to the conventional view, progressive income taxation may operate like an automatic destabilizer that leads to equilibrium indeterminacy and sunspot-driven aggregate fluctuations.
