Progressive Taxation and Macroeconomic (In)stability

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主讲人	Jang-Ting Guo	简介	<p>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 may stabilize the economy against aggregate fluctuations caused by agents' animal spirits. We show that this previous finding can be overturned within an identical model which allows for sustained endogenous growth. Specifically, progressive taxation may operate like an automatic destabilizer that leads to equilibrium indeterminacy and sunspot-driven cyclical fluctuations in an endogenously growing macroeconomy. This instability result is obtained under two tractable progressive tax policy formulations that have been considered in the existing literature.</p>
时间	2016-03-24(Thursday)16:40-18:00	地点	N303, Econ Building
讲座语言	English	主办单位
承办单位		类型	系列讲座
联系人信息		主持人
专题网站		专题
主讲人简介	<p>Professor of Economics, University of California, Riverside</p> <p><a href="/Upload/File/2016/3/20160311062213778.pdf"><u><span style="color: rgb(0, 0, 255);"><strong>Prof. Jang-Ting Guo's CV</strong></span></u></a></p>	期数	“WISE-SOE”高级经济学系列讲座2016春季学期第四讲（总第362讲）

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