Welfare Effects of Tax Policy in Open Economies: Stabilization and Cooperation
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Kim, Jinill | - |
dc.contributor.author | Kim, Sunghyun | - |
dc.date.accessioned | 2021-09-02T10:43:14Z | - |
dc.date.available | 2021-09-02T10:43:14Z | - |
dc.date.created | 2021-06-19 | - |
dc.date.issued | 2018-06 | - |
dc.identifier.issn | 1815-4654 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/75087 | - |
dc.description.abstract | This paper studies welfare implications of a simple operational tax policy (under which tax rates respond to changes in productivity) by employing an open-economy dynamic stochastic general equilibrium model with incomplete asset markets. We investigate the possibility of welfare-improving tax policies on factor incomes and consumption. Simulation results show that, in the closed economy, optimal tax policies are countercyclical since such policies would stabilize the economy by increasing the tax rates in a boom. However, in the open economy, optimal tax policies become less countercyclical and under certain cases can even become procyclicalin particular, for capital income tax. A two-country exercise suggests that tax policy cooperation on capital and labor income would yield only small welfare gains, while consumption tax policy cooperation would produce sizable welfare gains. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | ASSOC INTERNATIONAL JOURNAL CENTRAL BANKING | - |
dc.subject | SUPPLY-SIDE ECONOMICS | - |
dc.subject | BUSINESS-CYCLE MODEL | - |
dc.subject | FISCAL-POLICY | - |
dc.subject | MONETARY-POLICY | - |
dc.subject | HARBERGER TRIANGLES | - |
dc.subject | INCOMPLETE MARKETS | - |
dc.subject | STICKY PRICES | - |
dc.subject | OKUN GAPS | - |
dc.subject | RULES | - |
dc.subject | DYNAMICS | - |
dc.title | Welfare Effects of Tax Policy in Open Economies: Stabilization and Cooperation | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Kim, Jinill | - |
dc.identifier.scopusid | 2-s2.0-85059592662 | - |
dc.identifier.wosid | 000435498400014 | - |
dc.identifier.bibliographicCitation | INTERNATIONAL JOURNAL OF CENTRAL BANKING, v.14, no.3, pp.347 - 376 | - |
dc.relation.isPartOf | INTERNATIONAL JOURNAL OF CENTRAL BANKING | - |
dc.citation.title | INTERNATIONAL JOURNAL OF CENTRAL BANKING | - |
dc.citation.volume | 14 | - |
dc.citation.number | 3 | - |
dc.citation.startPage | 347 | - |
dc.citation.endPage | 376 | - |
dc.type.rims | ART | - |
dc.type.docType | Article; Proceedings Paper | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.subject.keywordPlus | SUPPLY-SIDE ECONOMICS | - |
dc.subject.keywordPlus | BUSINESS-CYCLE MODEL | - |
dc.subject.keywordPlus | FISCAL-POLICY | - |
dc.subject.keywordPlus | MONETARY-POLICY | - |
dc.subject.keywordPlus | HARBERGER TRIANGLES | - |
dc.subject.keywordPlus | INCOMPLETE MARKETS | - |
dc.subject.keywordPlus | STICKY PRICES | - |
dc.subject.keywordPlus | OKUN GAPS | - |
dc.subject.keywordPlus | RULES | - |
dc.subject.keywordPlus | DYNAMICS | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
(02841) 서울특별시 성북구 안암로 14502-3290-1114
COPYRIGHT © 2021 Korea University. All Rights Reserved.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.