Optimal Taxation and Debt with Uninsurable Risks to Human Capital Accumulation PDF Download
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Author: Piero Gottardi
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 35
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Book Description
We consider an economy where individuals face uninsurable risks to their human capital accumulation, and study the problem of determining the optimal level of linear taxes on capital and labor income together with the optimal path of the debt level. We show both analytically and numerically that in the presence of such risks it is bene cial to tax both labor and capital income and to have positive government debt.
Author: Piero Gottardi
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 35
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Book Description
We consider an economy where individuals face uninsurable risks to their human capital accumulation, and study the problem of determining the optimal level of linear taxes on capital and labor income together with the optimal path of the debt level. We show both analytically and numerically that in the presence of such risks it is bene cial to tax both labor and capital income and to have positive government debt.
Author: Piero Gottardi
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 0
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Book Description
We consider an economy where individuals face uninsurable risks to their human capital accumulation, and study the problem of determining the optimal level of linear taxes on capital and labor income together with the optimal path of the debt level. We show both analytically and numerically that in the presence of such risks it is bene cial to tax both labor and capital income and to have positive government debt.
Author: Zuliu Hu
Publisher: International Monetary Fund
ISBN: 1451947429
Category : Business & Economics
Languages : en
Pages : 22
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Book Description
What are the effects of taxation on individual/entrepreneurs’ risk-taking behavior? This paper re-examines this old question in a continuous time life-cycle model. We demonstrate that the stream of uncertain income from human capital has systematic effects on demand for the risky physical capital asset. If labor supply is inelastic and real wages are known with certainty, then a labor income tax will reduce holdings of the risky physical asset. However, if there are random fluctuations in labor income, then the effect depends on the nature of interaction between wage risk and investment income risk. A labor income tax may actually raise demand for the risky capital asset if human capital risk and physical capital risk are positively correlated. The idiosyncratic risk and nontradability of human capital also have implications for optimal taxation. When the insurance and disincentive effects are jointly taken into account, a Pareto efficient tax structure implies a strictly positive tax rate.
Author: Jonathan Eaton
Publisher:
ISBN:
Category : Human capital
Languages : en
Pages : 56
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Book Description
Author: Nouriel Roubini
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper studies the effects of human and physical capital income taxation on growth, and examines how these effects depend on the technologies for human capital accumulation and 'leisure'. It then derives the normative implications of the analysis for the optimal taxation of factor incomes. It is shown that in general both capital and labor (human capital) taxes are growth-reducing. In these cases, the optimal long-run tax on both capital and labor income is zero. The optimal taxation plan consists of taxing both factors in the short run, and financing spending in the long run through accumulated budget surpluses.
Author: S. Rao Aiyagari
Publisher: London : Department of Economics, University of Western Ontario
ISBN:
Category : Capital levy
Languages : en
Pages : 36
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Book Description
Author: Marek Kapicka
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 158
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Book Description
Author:
Publisher:
ISBN: 9788073443580
Category :
Languages : en
Pages :
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Book Description
Author: Claudia Hermeling
Publisher:
ISBN: 9783866241664
Category :
Languages : en
Pages : 148
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Book Description
Author: William B. Peterman
Publisher:
ISBN:
Category :
Languages : en
Pages :
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