巴罗宏观经济学：现代观点第13章.ppt

MacroeconomicsChapter13,1,Taxes,Chapter13,MacroeconomicsChapter13,2,TaxesintheUnitedStates,MacroeconomicsChapter13,3,TaxesinChina,MacroeconomicsChapter13,4,TypesofTaxes,MacroeconomicsChapter13,5,TypesofTaxes,MacroeconomicsChapter13,6,TypesofTaxes,MacroeconomicsChapter13,7,TypesofTaxes,taxesfallonformsofincome:individualincometaxes,corporateprofitstaxes,andcontributionsforSocialSecurityandMedicare.taxesarebasedonexpenditures:salestaxes,excisetaxes,andcustomsduties.Propertytaxes,MacroeconomicsChapter13,8,TypesofTaxes,Themarginaltaxrateistheadditionaltaxpaidonanadditionaldollarofincome.Theaveragetaxrateistheratiooftotaltaxespaidtototalincome.AnimportantpropertyoftheU.S.federalindividualincometaxisthatthemarginaltaxrateriseswithincome.,MacroeconomicsChapter13,9,TypesofTaxes,MacroeconomicsChapter13,10,TypesofTaxes,MacroeconomicsChapter13,11,TypesofTaxes,MacroeconomicsChapter13,12,TypesofTaxes,MacroeconomicsChapter13,13,TaxesintheModel,HouseholdBudgetConstraint,C+(1/P)B+K=(w/P)Ls+r(B/P+K)+VT,MacroeconomicsChapter13,14,TaxesintheModel,Letwbethemarginaltaxrateonlaborincome.ahigherwwillgeneratemoretaxrevenueforthegovernmentunlesstheamountoflaborincomefallssharply.Letwbesameforalllevelsofincomesameforalltime-nointertemporalsubstitution.,MacroeconomicsChapter13,15,TaxesintheModel,IncomeeffectsfromachangeinwVT=GTherefore,ifgovernmentpurchases,G,areunchanged，realtransfersnetofrealtaxes,VT,mustalsobeunchanged.ForgivenG,wedonotgetanychangesinhouseholdrealincomethroughthetermVT.Inotherwords,ifGisfixed,therearenoincomeeffectsfromachangeinw.,MacroeconomicsChapter13,16,TaxesintheModel,after-taxrealwagerate=(1w)(w/P),Ifthemarginaltaxrate,w,rises,foragivenw/P,(1w)(w/P)falls.Wepredictthatthehouseholdwouldreducethequantityoflaborsupplied,takemoreleisuretime,andconsumeless.-intratemporalsubstitution,MacroeconomicsChapter13,17,TaxesintheModel,MacroeconomicsChapter13,18,TaxesintheModel,Foragivenpretaxrealwagerate,w/P,ahigherwimpliesalowerafter-taxrealwagerate,(1w)(w/P).AriseinwshiftsthelaborsupplycurveleftwardfromtheblueonelabeledLstothegreenonelabeled(Ls).Thisdecreaseinlaborsupplyreflectsthesubstitutioneffectfromthehigherlabor-incometaxrate,w,MacroeconomicsChapter13,19,TaxesintheModel,ahighermarginaltaxrateonlaborincome,w,lowersthequantityoflaborinput,L.(1w)(w/P)alsodecreases.,ThiseffectwillspillovertothemarketforcapitalservicesbecausethereductioninLtendstoreducethemarginalproductofcapitalservices,MPK.,MacroeconomicsChapter13,20,TaxesintheModel,MacroeconomicsChapter13,21,TaxesintheModel,Y=AF(K,L)wefoundthatariseinthelabor-incometaxrate,w,reducedthequantitiesoflabor,L,andcapitalservices,K.Ahighermarginaltaxrateonlaborincome,w,leadstoareductioninoverallmarketactivity,asgaugedbyrealGDP,Y.,MacroeconomicsChapter13,22,TaxesintheModel,ATaxonAssetIncomeC+(1/P)B+K=(w/P)Ls+r(B/P+K)+VT,r=(R/P)()Letrbethemarginaltaxrateonassetincome.,MacroeconomicsChapter13,23,TaxesintheModel,ATaxonAssetIncome(1r)r=(1r)(R/P)(),MacroeconomicsChapter13,24,TaxesintheModel,ForthechoicebetweenC1andC2istheafter-taxrealinterestrate,(1r)r.Ifrrises,forgivenr,(1r)rdeclines.Householdshavelessincentivetodeferconsumption,anditreactsbyincreasingC1comparedtoC2.Forgivenrealincomeinyear1,anincreaseinrmotivatesthehouseholdtoconsumemoreandsavelessinyear1.,MacroeconomicsChapter13,25,TaxesintheModel,(K)d:doesnotchange.(K)s:choosetomaximize(1r)r.Hence,nochangeintherentalmarket.NochangeinlaborandGDP.Inthelongrun,thedecreaseinIleadstoalowerGDP.,MacroeconomicsChapter13,26,TaxesintheModel,ATaxonconsumptionC+(1/P)B+K=(w/P)Ls+r(B/P+K)+VTSupposenowthatrealtaxes,T,dependonahouseholdsconsumptionLetcbethemarginaltaxrateonassetincome.,MacroeconomicsChapter13,27,TaxesintheModel,ATaxonconsumptionT=cCC+(1/P)B+K=(w/P)Ls+r(B/P+K)+VcCThenetrealwage:(w/P)/(1+c)Thenetrealinterestrate:r/(1+c),MacroeconomicsChapter13,28,AnIncreaseinGovernmentPurchasesFinancedbyaLaborIncomeTax,Effectsfromapermanentincreaseingovernmentpurchases,G.assumed,thattheincreaseinGwasfinancedbylump-sumtaxes.OurfindingwasthatanincreaseinGbyoneunitleftrealGDP,Y,unchangedandreducedconsumption,C,byaboutoneunit.Grossinvestment,I,wasunchanged.Alsounchangedweretherealwagerate,w/P,therealrentalprice,R/P,andtherealinterestrate,r.,MacroeconomicsChapter13,29,AnIncreaseinGovernmentPurchasesFinancedbyaLaborIncomeTax,NowcombinethepermanentincreaseinGandthehighermarginalincometaxratewTheincomeeffectincreasesthesupplyoflabor.,MacroeconomicsChapter13,30,AnIncreaseinGovernmentPurchasesFinancedbyaLaborIncomeTax,Wefoundinthischapterthatthesubstitutioneffectfromahighermarginaltaxrate,w,onlaborincomereducesthequantityoflaborsupplied.,Theneteffectonthesupplyoflaborisnotsolarge.,MacroeconomicsChapter13,31,AnIncreaseinGovernmentPurchasesFinancedbyaLaborIncomeTax,Empirically,theoveralleffectfrompermanentlyincreasedgovernmentpurchases,G,onthequantityoflaborsupplied,Ls,seemstobesmall.,MacroeconomicsChapter13,32,AnIncreaseinGovernmentPurchasesFinancedbyaLaborIncomeTax,MacroeconomicsChapter13,33,TransferPayments,Supposethatthegovernmentincreasesrealtransfers,V,andfinancestheseexpenditureswithincreasedrealtaxes,T,collectedbyataxonlaborincome.Inthiscase,marginalincometaxrates,w,risefortworeasons.First,theriseinTgoesalongwithahigherwforhouseholdsthatpayindividualincometaxes.Second,forhouseh