Utilize este identificador para referenciar este registo:
http://hdl.handle.net/10071/9505
Autoria: | Gasteiger, E. Zhang, S. |
Data: | 2014 |
Título próprio: | Anticipation, learning and welfare: the case of distortionary taxation |
Volume: | 39 |
Paginação: | 113-126 |
ISSN: | 0165-1889 |
Palavras-chave: | Fiscal policy Adaptive learning Oscillations Welfare |
Resumo: | We study the impact of anticipated fiscal policy changes in a Ramsey economy where agents form long-horizon expectations using adaptive learning. We extend the existing framework by introducing distortionary taxes as well as elastic labor supply, which makes agents' decisions non-predetermined but more realistic. We detect that the dynamic responses to anticipated tax changes under learning have oscillatory behavior that can be interpreted as self-fulfilling waves of optimism and pessimism emerging from systematic forecast errors. Moreover, we demonstrate that these waves can have important implications for the welfare consequences of fiscal reforms |
Arbitragem científica: | Sim |
Acesso: | Acesso Aberto |
Aparece nas coleções: | BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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pre_print_Journal_of_Economic_Dynamics_and_Control.pdf | 413 kB | Adobe PDF | Ver/Abrir |
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