Download or read book Fiscal Policy in Human Capital Endogenous Growth Models written by Don I. Asoka Wöhrmann and published by . This book was released on 1998 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Tax Policy Implications in Endogenous Growth Models written by Bin Xu and published by International Monetary Fund. This book was released on 1994-03-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys the tax policy implications in various endogenous growth models. The focus is on the long-run growth effects of income, consumption, and investment taxation in models whose engine of growth is the accumulation of human capital, technological innovation, and/or public infrastructure. The results depend on model specifications. This paper also reviews quantitative results from cross-country regressions and simulations, and indicates some statistical and methodological problems to which they are subject. Tax policy implications in endogenous growth models both with tax policy endogenously determined by a political process and with international capital mobility are also discussed.
Download or read book Taxation and Endogenous Growth in Open Economies written by Mr.Gian Milesi-Ferretti and published by International Monetary Fund. This book was released on 1994-07-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects of taxation of human capital, physical capital and foreign assets in a multi-sector model of endogenous growth. It is shown that in general the growth rate is reduced by taxes on capital and labor (human capital) income. When the government faces no borrowing constraints and is able to commit to a given set of present and future taxes, it is shown that the optimal tax plan involves high taxation of both capital and labor in the short run. This allows the government to accumulate sufficient assets to finance spending without any recourse to distortionary taxation in the long run. When restrictions to government borrowing and lending are imposed, the model implies that human and physical capital should be taxed similarly.
Download or read book Fiscal Policy in an Endogenous Growth Model with Human Capital Accumulation written by Salvador Ortigueira and published by . This book was released on 1996 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fiscal Policy and Economic Growth written by Alfred Greiner and published by . This book was released on 1996 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work analyzes the impact of fiscal policy on the growth rate of market economies. Two frameworks are considered: in the first, human capital is seen as a by-product of gross investment; in the second, government is seen to influence growth by investing in public capital.
Download or read book Fiscal Policy and Long Run Growth written by Mr.Vito Tanzi and published by International Monetary Fund. This book was released on 1996-10-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses in a systematic and comprehensive way the existing literature on the relationship between the growth of countries’ economies and various public finance instruments, such as tax policy, expenditure policy, and overall budgetary policy, from the perspectives of allocative efficiency, macroeconomic stability, and income distribution. It reviews both the conceptual linkages between each of the instruments and growth and the empirical evidence on such relationships. It broadly concludes that fiscal policy could play a fundamental role in affecting the long-run growth performance of countries.
Download or read book Capital Mobility Fiscal Policy and Growth Under Self financing of Human Capital Formation written by Willem H. Buiter and published by . This book was released on 1995 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the effects of fiscal and financial policy on economic growth in open and closed economies, when human capital formation by young households is constrained by the illiquidity of human wealth. Both endogenous and exogenous growth versions of the basic OLG model are analyzed. We find that intergenerational redistribution policies that discourage physical capital formation may encourage human capital formation. Despite common technologies and perfect international mobility of financial capital, the non- tradedness of human capital and the illiquidity of human wealth make for persistent differences in productivity growth rates (in the endogenous growth version of the model) or in their levels (in the exogenous growth version). We also consider the productivity growth (or level) effects of public spending on education and of the distortionary taxation of financial asset income.
Download or read book Fiscal Policy Public Expenditure Composition and Growth written by Willi Semmler and published by World Bank Publications. This book was released on 2007 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper responds to the development policy debate involving the World Bank and the IMF on the use of fiscal policy not only for economic stabilization but also to promote economic growth and increase per capita income. A key issue in this debate relates to the effect of the composition of public expenditure on economic growth. Policy makers and some researchers have argued that expenditure on growth-enhancing functions could enhance future revenue and justify the provision of "fiscal space" in the budget. But there are no simple ways to identify the growth-maximizing composition of public expenditure. The current paper lays out a research strategy to explore the effects of fiscal policy, including the composition of public expenditure, on economic growth, using a time series approach. Based on the modeling strategy of Greiner, Semmler and Gong (2005) we develop a general model that features a government that undertakes public expenditure on (a) education and health facilities which enhance human capital, (b) public infrastructure such as roads and bridges necessary for market activity, (c) public administration to support government functions, (d) transfers and public consumption facilities, and (e) debt service. The proposed model is numerically solved, calibrated and the impact of the composition of public expenditure on the long-run per capita income explored for low-, lower-middle- and upper-middle-income countries. Policy implications and practical policy rules are spelled out, the extension to an estimable model indicated, a debt sustainability test proposed, and the out-of-steady-state dynamics studied.
Download or read book Dynamic Fiscal Policy with Endogenous Human Capital written by Wayne Robert Hickenbottom and published by . This book was released on 1992 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fiscal Policy in an Endogenous Growth Model With Human Capital and Heterogenous Agents written by Alfred Greiner and published by . This book was released on 2012 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies effects of fiscal policy in an endogenous growth model with human capital and heterogenous agents. Two types of households are considered. One household acquires human capital or skills through education while the other household remains unskilled. Sustained growth is the result of human capital accumulation which is a function of the existing human capital employed in the educational sector and of public spending for education. Aggregate production is given by a function with physical capital and labor as input factors, where total labor input is modelled by a CES function with skilled and unskilled labor as arguments. The paper studies effects of fiscal policy as concerns long-run growth and the distribution of income as well as concerns welfare of the two households.
Download or read book Growth Theory and Growth Policy written by Harald Hagemann and published by Routledge. This book was released on 2003-03-06 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection examines the phenomenon of economic growth with admirable economic vigour and includes contributions from leading academic figures. Theoretical approaches, underpinned by original empirical work, will make this a book welcomed by students and academics of macroeconomics and growth theory.
Download or read book Fiscal Policy in a Growth Model with a Public Capital Externality written by Bassam Awad and published by LAP Lambert Academic Publishing. This book was released on 2010-12 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses three questions that are central to the analysis of fiscal policy. First, how good are linearization and higher-order approximations in an endogenous growth model with public capital? Second, how important are the transitional dynamics in assessing fiscal policy alternatives when comparing the long-run economic growth and welfare? Third, is a consumption tax optimal in an economy with public and private human capital when the tax structure is time-invariant? To answer these questions, I have used an endogenous growth model where the growth is driven by accumulation of human capital and fueled by a public capital externality. I conclude: (i) the policies that involve the highest rates of economic growth do not always provide the highest welfare; (ii) the traditional methods used to analyze the impact of tax policy alternatives might involve significant approximation errors, and the use of actual transitional path in analyzing fiscal policy in this book eliminates this problem; and (iv) the long-run welfare benefits of fiscal policy reform may take years to be realized, with welfare losses accruing in the short-run.
Download or read book Human Capital Endogenous Growth and Government Policy written by Martin Husz and published by Peter Lang Publishing. This book was released on 1998 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Uzawa Lucas Endogenous Growth Model written by Paolo Mattana and published by Routledge. This book was released on 2017-11-30 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using state of the art mathematical techniques this book provides a complete characterization of the Uzawa-Lucas growth model. In his path-breaking contribution on the 'Mechanics of Economic Growth' Lucas suggested that human capital is the key variable through which technical change is most likely to occur and (by taking some initial intuitions of Uzawa a step further) proposed a two-sector capital accumulation growth model where human capital is allowed to enter a neo-classical-style production structure in multiplicative terms. In this book Paolo Mattana fully explores the dynamic possibilities of the model from both the market and the centralized perspective. A critical evaluation of the inefficiency in the market economy is also provided.
Download or read book Human Capital and Endogenous Growth in a Large scale Life cycle Model written by Patricio Arrau and published by . This book was released on 1989 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Life- cycle models of growth can yield a negative relation between population growth and income per capita growth, where the direction of causality goes from the exogenous rate of population growth to the endogenous rate of income growth. Tax policy can affect the proportion of human and physical capital in household portfolios. Tax policy that favors human capital over physical capital produces higher growth in per capita income.
Download or read book Fiscal Policy and Long Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Download or read book Openness Human Development and Fiscal Policies written by Delano Villanueva and published by International Monetary Fund. This book was released on 1993-07-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The model developed here postulates that learning through experience plays a critical role in raising labor productivity over time, with three major consequences. First, the steady-state growth rate (of output) becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth is faster, and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of exogenous rates of technical change and population growth. Simulation results confirm the model’s faster speed of adjustment, while regression analysis explains a large part of divergent growth patterns across countries in terms of the extent of openness and human development and of the quality of fiscal policies.
