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《fiscal policies in a growth model》由會員上傳分享，免費在線閱讀，更多相關內容在工程資料-天天文庫。
1、Chapter11FiscalPoliciesinaGrowthModel11.1.IntroductionThischapterstudiese?ectsoftechnologyand?scalshocksonequilibriumout-comesinanonstochasticgrowthmodel.Weusethemodeltostatesomeclassicdoctrinesaboutthee?ectsofvarioustypesoftaxesandalsoasalaboratorytoexhibitnumericaltechniquesfor
2、approximatingequilibriaandtodisplaythestructureofdynamicmodelsinwhichdecisionmakershaveperfectforesightaboutfuturegovernmentdecisions.Foresightimpartse?ectsonpricesandal-locationsthatprecedegovernmentactionsthatcausethem.FollowingHall(1971),weaugmentanonstochasticversionofthestan
3、dardgrowthmodelwithagovernmentthatpurchasesastreamofgoodsandthat?nancesitselfwithanarrayofdistorting?at-ratetaxes.Wetakegovernmentbehaviorasexogenous,1whichmeansthatforusagovernmentissimplyalistofsequencesforgovernmentpurchases{g}∞andtaxes{τ,τ,τ,τ}∞.tt=0ctktnthtt=0Hereτct,τkt,τnt
4、are,respectively,time-varying?at-rateratesonconsumption,earningsfromcapital,andlaborearnings;andτhtisalump-sumtax(a“headtax”or“polltax”).Distortingtaxespreventacompetitiveequilibriumallocationfromsolvingaplanningproblem.Therefore,tocomputeanequilibriumallocationandpricesystem,wes
5、olveasystemofnonlineardi?erenceequationsconsistingofthe?rst-orderconditionsfordecisionmakersandtheotherequilibriumconditions.We?rstuseamethodcalledshooting.Itproducesanaccurateapproximation.LessaccuratebutinsomewaysmorerevealingapproximationscanbefoundbyfollowingHall(1971),whosol
6、vedalinearapproximationtotheequilibriumconditions.WeapplythelagoperatorsdescribedinappendixAofchapter2to?ndandrepresentthesolutioninawaythatisespeciallyhelpfulinrevealingthedynamice?ectsofperfectlyforeseenalterationsintaxesandexpendituresand1Inchapter16,wetakeupaversionofthemodel
7、inwhichthegovernmentchoosestaxestomaximizetheutilityofarepresentativeconsumer.–375–376FiscalPoliciesinaGrowthModelhowcurrentvaluesofendogenousvariablesrespondtopathsoffutureexogenousvariables.211.2.Economy11.2.1.Preferences,technology,informationThereisnouncertainty,anddecisionma
8、kershaveperfectforesight.Arepresen-tativ
