【主讲】陈明郎 教授 (台湾中央研究院)
【主题】Tax Policy and Stability in a General Two‐sector Model with Sector ‐ Specific Externalities
【时间】2012年11月12日 (周一) 15：30-17：00
【地点】上海财经大学经济学院楼710室
【语言】英文
【摘要】In a recent paper with sector specific productive externalities and equal factor intensities in both sectors from the private perspective, Guo and Harrison (2001) found that with the empirically realistic value of the investment externality for the US economy, a progressive tax is susceptible to destabilizing the economy. This paper envisages the robustness of the tax policy implications in a general two‐sector model of different factor intensities. In this model, the Stolper Samuelson effect and the Rybczynski effect are stronger yielding larger price, consumption and investment effects. The critical value of the investment externality below which a progressive tax schedule can hold back sunspot expectations, can be increased to a much larger value. The empirically realistic value of the investment externality for the US economy is quantitatively smaller than the critical value.
Therefore, a progressive tax schedule in the current US tax code can stabilize the economy.
