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Dynamic effects of consumption tax, reforms with durable consumption
The B.E. Journal of Macroeconomics ( IF 0.233 ) Pub Date : 2020-02-28 , DOI: 10.1515/bejm-2019-0026
Qian Li 1, 2
Affiliation  

Abstract This paper introduces durables into a dynamic general equilibrium overlapping generation model with idiosyncratic income shocks and endogenous borrowing constraints, which depend on durables. The aim of this paper is to evaluate the welfare effects of consumption tax reforms in a richer model that captures the difference between nondurable and durable consumption. When durables are considered, the standard results that a shift to consumption taxes is welfare improving are overturned. The mechanism of this opposing result is that consumption tax makes durable consumption more expensive without relaxing the borrowing constraint. The inability of borrowing to insure against income risk deviates the economy further away from market completeness and particularly hurts young and poor households. As a result, welfare decreases, coupled with negative redistribution.

中文翻译:

消费税的动态影响,持久消费的改革

摘要本文将耐用品引入具有异质收入冲击和内生借贷约束的动态通用均衡重叠生成模型,该模型依赖于耐用品。本文的目的是在一个更丰富的模型中评估消费税改革的福利效应,该模型可以捕捉到非持久性消费与持久性消​​费之间的差异。当考虑耐用品时,向消费税转变是改善福利的标准结果被推翻了。这种相反结果的机制是,消费税在不放松借贷约束的情况下使持久消费更加昂贵。借贷无法确保收入风险,使经济偏离了市场的完整性,尤其伤害了年轻和贫穷的家庭。结果,福利减少了,
更新日期:2020-02-28
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