The Macroeconomic Effects of Tax Shocks: The Cost Channel

He Nie
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引用次数: 1

Abstract

I develop a simple analytical New Keynesian model with a cost channel to gain new insights into the general properties of tax shocks. In this paper, I formally show that the cost channel itself can rule out the sunspot liquidity traps and secure a unique equilibrium with tax shocks. I also contribute to the tax-related literature that the absolute magnitudes of output gap and inflation multipliers due to a cost channel with/without the zero lower bound binding are heterogeneous compared with the standard model and the multipliers can be reproduced with a wide range of estimates. Finally, the multipliers are robust with the medium run tax cut policy except the consumption tax.
税收冲击的宏观经济效应:成本渠道
我开发了一个简单的带有成本渠道的新凯恩斯主义分析模型,以获得对税收冲击一般特性的新见解。在本文中,我正式证明了成本通道本身可以排除太阳黑子流动性陷阱,并确保与税收冲击的唯一均衡。我还为税收相关文献做出了贡献,即与标准模型相比,由于具有/不具有零下限约束的成本渠道而导致的产出缺口和通货膨胀乘数的绝对大小是异质的,乘数可以通过广泛的估计来复制。最后,除消费税外,中期减税政策的乘数是稳健的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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