Please use this identifier to cite or link to this item:
Capital taxation in R&D growth models
Chen, Ping Ho
Lai, Ching Chong
Chu, Angus C.
Chen, Ping Ho
Optimal capital taxation
Endogenous market structure
|Issue Date:||2016-08-22 13:15:59 (UTC+8)|
|Abstract:||本論文有系統性地利用不同的R&D 模型，分析了資本所得稅對經濟成長及社會福利的效果。第二章利用第一代R&D 模型，發現資本所得稅對經濟成長於長短期下具有顯著不同的效果。第三章建立半內生成長( semi-endogenous ) R&D 模型，重新檢驗 Chamely-Judd 命題是否成立。我們發現最適的資本所得稅應大於零，並且檢驗最適資本所得稅在對應不同的R&D 外部性程度下，正資本所得稅率結論是否仍然成立。第四章利用第二代R&D 成長模型，在具有廠商家數內生化的特性下，重新檢視第二章的結論，並發現其資本所得稅對經濟成長的效果，在長短期下仍然具有顯著不同的效果。|
This dissertation has provided a systematic analysis on the growth and welfare effects of capital taxation within distinct R&D-based growth models. In Chapter 2, we employ a first-generation R&D-based growth model to examine the effcts of capital taxation on innovation and economic growth, and find that capital taxation has drastically different effects in the short run and in the long run. In Chapter 3, we set up a semi-endogenous growth model, and examine whether the Chamley-Judd result of a zero optimal capital income tax is valid. We find that the optimal capital income tax is positive, and this result is robust with respect to varying the degrees of various types of R&D externalities. In Chapter 4, we build up a second-generation R&D-based growth model which features endogenous market structure. In line with Chapter 2, we also find that capital taxation has drastically different effects in the short run and in the long run.
|Reference:||Acemoglu, D., (1998), Why do new technologies complement skills? Directed technical change and wage inequality, Quarterly Journal of Economics 113, 1055-1089.|
Acemoglu, D. and U. Akcigit, (2012), Intellectual property rights policy, competition and innovation, Journal of the European Economic Association 10, 1-42.
Adams, J. D. and A. B. Ja¤e, (1996), Bounding the e¤ects of R&D: An investigation using matched establishment- rm data, RAND Journal of Economics 27,
Aghion, P. and P. Howitt, (1992), A model of growth through creative destruction, Econometrica 60, 323-351.
Aghion, P. and P. Howitt, (2009), Endogenous growth theory, Cambridge, MA:MIT Press.
Aghion, P., Akcigit, U. and J. Fernndez-Villaverde, (2013), Optimal capital versus labor taxation with innovation-led growth, NBER Working Paper 19086.
Aiyagari, S. R., (1995), Optimal capital income taxation with incomplete markets,borrowing constraints, and constant discounting, Journal of Political Economy 103, 1158-1175.
Andolfatto, D., Hendry, S. and K. Moran, (2008), Are inflation expectation rational?, Journal of Monetary Economics 55, 406-422.
Angelopoulos, K., Economides, G. and P. Kammas, (2007), Tax-spending policies and economic growth: theoretical predictions and evidence from the OECD,European Journal of Political Economy 23, 885-902.
Arnold, J. M., Brys, B., Heady, C., Johansson, A., Schwellnus, C. and L. Vartia, (2011), Tax policy for economic recovery and growth, Economic Journal 121,
Atkeson, A., Chari, V. V. and P. J. Kehoe, (1999), Taxing capital income: A bad idea, Federal Reserve Bank of Minneapolis Quarterly Review 23, 3-17.
Belo, F., Gala, V. D. and J. Li, (2013), Government spending, political cycles, and the cross section of stock returns, Journal of Financial Economics 107,
Carey, D. and H. Tchilingurian, (2000), Average effective tax rates on capital, labor and consumption, OECD Working paper 258.
Chamley, C., (1986), Optimal taxation of capital income in general equilibrium with infinite lives, Econometrica 54, 607-622.
Chamley, C., (2001), Capital income taxation, wealth redistribution and borrowing constraints, Journal of Public Economics 79, 55-69.
Chari, V. V., Christiano, L. J. and P. J. Kehoe, (1994), Optimal fiscal policy in abusiness cycle model, Journal of Political Economy 102, 617-652.
Chari, V. V. and P. J. Kehoe, (1999), Optimal fiscal and monetary policy. In: Taylor, J. B. and M. Woodford, (Eds.), Handbook of Macroeconomics 1C. Amsterdam: North-Holland, 1671-1745.
Chen, B. L. and C. H. Lu, (2013), Optimal factor tax incidence in two-sector human capital-based models, Journal of Public Economics 97, 75-94.
Chen, P. H., Chu, A., Chu, H. and C. C. Lai, (2016), Short-run and long-run effects of capital taxation on innovation and economic growth, MRPA Paper 72211.
Chetty, R., Guren, A., Manoli, D. and A. Weber, (2011), Are micro and macro labor supply elasticities consistent? A review of evidence on the intensive and
extensive margins, American Economic Review 101, 471-475.
Chu, A. and G. Cozzi (2014), R&D and economic growth in a cash-in-advance economy, International Economic Review 55, 507-524.
Chu, A. and L. Ji, (2016), Monetary policy and endogenous market structure in a Schumpeterian economy, Macroeconomic Dynamics 20, 1127-1145.
Chu, A., Furukawa, Y. and L. Ji, (2016), Patents, R&D subsidies and endogenous market structure in a Schumpeterian economy, Southern Economic Journal 82,
Comin, D., (2004), R&D: A small contribution to productivity growth, Journal of Economic Growth 9, 391-421.
Cohen, W. and S. Klepper, (1996a), Firm size and the nature of innovation within industries: The case of process and product R&D, Review of Economics and
Statistics 78, 232-243.
Cohen, W. and S. Klepper, (1996b), A reprise of size and R&D, Economic Journal 106, 925-951.
Coto-Martinez, J., Sanchez-Losada, F. and C. Garriga, (2007), Optimal taxation with imperfect competition and aggregate returns to specialization, Journal of the European Economic Association 5, 1269-1299
Conesa, J. C., Kitao, S. and D. Krueger, (2009), Taxing capital? Not a bad idea after all!, American Economic Review 99, 25-38.
Dahlby, B. and E. Ferede, (2012), The impact of tax cuts on economic growth: Evidence from the Canadian provinces, National Tax Journal 65, 563-594.
Devereux, M. B. and D. R. F. Love, (1994), The e¤ects of factor taxation in a two-sector model of endogenous growth, Canadian Journal of Economics 27,
Dinopoulos, E. and P. Thompson, (1998), Schumpeterian growth without scale effects, Journal of Economic Growth 3, 313-335.
Domeij, D., (2005), Optimal capital taxation and labor market search, Review of Economic Dynamics 8, 623-650.
Erosa, A. andM. Gervais, (2002), Optimal taxation in life-cycle economies, Journal of Economic Theory 105, 338-369.
Farhi, E., Sleet, C.,Werning, I. and S. Yeltekin, (2012), Non-linear capital taxation without commitment, Review of Economic Studies 79, 1469-1493.
Frankel, D. M., (1998), Transitional dynamics of optimal capital taxation, Macroeconomic Dynamics 2, 492-503.
Gali, J., (1994), Government size and macroeconomic stability, European Economic Review 38, 117-132.
Golosov, M., Tsyvinski, A. and I. Werning, (2006), New dynamic public finance: A user's guide, NBER Macroeconomic Annual.
Grossman, G. M. and E. Helpman, (1991), Quality ladders in the theory of growth, Review of Economic Studies 58, 43-61.
Hansen, G., (1985), Indivisible labor and the business cycle, Journal of Monetary Economics 16, 309-327.
Haruyama, T. and J. Itaya, (2006), Do distortionary taxes always harm growth?, Journal of Economics 87, 99-126.
Hong, B., (2014), Three essays on public policies in R&D growth models, PhD Dissertation, National University of Singapore.
Howitt, P., (1999), Steady endogenous growth with population and R&D inputs growing, Journal of Political Economy 107, 715-730.
Hungerford, T. L., (2010), The redistributive e¤ect of selected federal transfer and tax provisions, Public Finance Review 38, 450-472.
Jones, C. I., (1995), R&D-based models of economic growth, Journal of Political Economy 103, 759-784.
Jones, C. I. and J. C. Williams, (1998), Measuring the social return to R&D, Quarterly Journal of Economics 113, 1119-1135.
Jones, C. I. and J. C. Williams, (2000), Too much of a good thing? The economics of investment in R&D, Journal of Economic Growth 5, 65-85.
Jones, L., Manuelli, R. and P. Rossi, (1993), Optimal taxation in models of endogenous growth, Journal of Political Economy 3, 485-517.
Jones, L., Manuelli, R. and P. Rossi, (1997), On the optimal taxation of capital income, Journal of Economic Theory 73, 93-117.
Judd, K. L., (1985), Redistributive taxation in a simple perfect foresight model, Journal of Public Economics 28, 59-83.
Judd, K. L., (1997), The optimal tax rate for capital is negative, NBER Working Paper 6004.
Judd, K. L., (2002), Capital-income taxation with imperfect competition, American Economic Review 92, 417-421.
Kakwani, N. C., (1977), Measurement of tax progressivity: An international comparison, Economic Journal 87, 71-80.
Kakwani, N. C. and P. J. Lambert, (1998), On measuring inequity in taxation: A new approach, European Journal of Political Economy 14, 369-380.
King, R. G. and S. Rebelo, (1990), Public policy and economic growth: Developing neoclassical implications, Journal of Political Economy 98, S126-S150.
Lach, S., (2002), Do R&D subsidies stimulate or displace private R&D? Evidence from Israel, Journal of Industrial Economics 50, 369-390.
Laincz, C. and P. Peretto, (2006), Scale e¤ects in endogenous growth theory: An error of aggregation not specification, Journal of Economic Growth 11, 263-288.
Laitner, J. and D. Stolyarov, (2004), Aggregate returns to scale and embodied technical change: Theory and measurement using stock market data, Journal of Monetary Economics 51, 191-233.
Lee, Y. and R. H. Gordon, (2005), Structure and economic growth, Journal of Public Economics 89, 1027-1043.
Lin, H. C. and B. Russo, (1999), A taxation policy toward capital, technology and long-run growth, Journal of Macroeconomics 21, 463-491.
Lucas, R. E., (1988), On the mechanics of economic development, Journal of Monetary Economics 22, 3-42.
Lucas, R. E., (1990), Why doesn't capital flow from rich to poor countries?, American Economic Review 80, 92-96.
Mertens, K. andM. O. Ravn, (2013), The dynamic e¤ects of personal and corporate income tax changes in the united states, American Economic Review 103, 1212-1247.
Mendoza, E., Milesi-Ferretti, G. M. and P. Asea, (1997), On the ine¤ectiveness of tax policy in altering long-run growth: Harberger's superneutrality conjecture, Journal of Public Economics 66, 99-126.
Milesi-Ferretti, G. M. and N. Roubini, (1998), On the taxation of human and physical capital in models of endogenous growth, Journal of Public Economics
Niepelt, D., (2004), Tax smoothing versus tax shifting, Review of Economic Dynamics 7, 27-51.
Norrbin, S. C., (1993), The relationship between price and marginal cost in U.S. industry: A contradiction, Journal of Political Economy 101, 1149-1164.
Pecorino, P., (1993), Tax structure and growth in a model with human capital, Journal of Public Economics 52, 251-271.
Pecorino, P., (1994), The growth rate e¤ects of tax reform, Oxford Economic Papers 46, 492-501.
Peretto, P., (1998), Technological change and population growth, Journal of Economic Growth 3, 283-311.
Peretto, P., (2007), Corporate taxes, growth and welfare in a Schumpeterian economy, Journal of Economic Theory 137, 353-382.
Peretto, P., (2011), The growth and welfare effects of deficit-financed dividend tax cuts, Journal of Money, Credit and Banking 43, 835-869.
Peretto, P., (2013), From smith to Schumpeter: A theory of take-off and convergence to sustained growth, Economic Research Initiatives at Duke working paper 148.
Piketty, T. and E. Saez, (2013), A theory of optimal inheritance taxation, Econometrica 81, 1851-1886.
Rebelo, S., (1991), Long-run policy analysis and long-run growth, Journal of Political Economy 99, 500-521.
Rogerson, R., (1988), Indivisible labor, lotteries and equilibrium, Journal of Monetary Economics 21, 3-16.
Romer, P. M., (1990), Endogenous technological change, Journal of Political Economy 98, S71-S102.
Stokey, N. L., (1995), R&D and Economic Growth, Review of Economic Studies 62, 469-489.
Stokey, N. L. and S. Rebelo, (1995), Growth e¤ects of flat-rate taxes, Journal of Political Economy 103, 519-550.
ten Kate, F. and P.Milionis, (2015), Does capital taxation harm economic growth?, Mimeo.
Van Ewijk, C. and P. J. G. Tang, (2007), Union, progressive taxes, and education subsidies, European Journal of Political Economy 23, 1119-1139.
Yilmaz, E., (2013), Competition, taxation and economic growth, Economic Modelling 35, 134-139.
Zeng, J. and J. Zhang, (2002), Long-run growth e¤ects of taxation in a non-scale growth model with innovation, Economics Letters 75, 391-403.
Zeng, J. and J. Zhang, (2007), Subsidies in an R&D growth model with elastic labor, Journal of Economic Dynamics and Control 31, 861-886.
|Appears in Collections:||[經濟學系] 學位論文|
Files in This Item:
All items in 學術集成 are protected by copyright, with all rights reserved.