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題名 Optimal taxation in the life cycle with human capital investment
作者 梁斐琪
Liang, Fei-Chi;Chen, Been-Lon
貢獻者 經濟系
關鍵詞 Optimal capital and labor taxes; Human capital accumulation
日期 2024-04
上傳時間 2024-09-11
摘要 This paper studies optimal taxes in a lifecycle model with unverifiable human capital investment inseparable from regular consumption. The planner faces asymmetric information regarding agents’ exogenous abilities and endogenous human capital. Agents deviate in two ways: misreporting ability and mis-investing in human capital. We characterize the distortions in a model with i.i.d. shocks and full human capital depreciation. Distortions are characterized by capital wedges that are positive over the life cycle, labor wedges that are negative early and positive later in the life cycle, and net human capital wedges that are positive in the life cycle. These wedges serve as mechanisms to eliminate the distortion to consumption due to inseparability from education expenditure. Calibrate to U.S. data, we show numerically that these results apply in a richer model with persistent shocks and non-full human capital depreciation. Simulation suggests that average capital wedges are positive in all working periods, with progressive capital wedges in contemporary skills, average labor wedges are negative in early and positive in later periods, with hump-shape in skills and nonzero at the top and the bottom of the skill distribution, and net human capital wedges are positive and regressive in skills, indicating that human capital subsidies are in favor of the high skilled.
關聯 Review of Economic Dynamics, Vol.52, pp.21-45
資料類型 article
DOI https://doi.org/10.1016/j.red.2023.11.004
dc.contributor 經濟系
dc.creator (作者) 梁斐琪
dc.creator (作者) Liang, Fei-Chi;Chen, Been-Lon
dc.date (日期) 2024-04
dc.date.accessioned 2024-09-11-
dc.date.available 2024-09-11-
dc.date.issued (上傳時間) 2024-09-11-
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/153745-
dc.description.abstract (摘要) This paper studies optimal taxes in a lifecycle model with unverifiable human capital investment inseparable from regular consumption. The planner faces asymmetric information regarding agents’ exogenous abilities and endogenous human capital. Agents deviate in two ways: misreporting ability and mis-investing in human capital. We characterize the distortions in a model with i.i.d. shocks and full human capital depreciation. Distortions are characterized by capital wedges that are positive over the life cycle, labor wedges that are negative early and positive later in the life cycle, and net human capital wedges that are positive in the life cycle. These wedges serve as mechanisms to eliminate the distortion to consumption due to inseparability from education expenditure. Calibrate to U.S. data, we show numerically that these results apply in a richer model with persistent shocks and non-full human capital depreciation. Simulation suggests that average capital wedges are positive in all working periods, with progressive capital wedges in contemporary skills, average labor wedges are negative in early and positive in later periods, with hump-shape in skills and nonzero at the top and the bottom of the skill distribution, and net human capital wedges are positive and regressive in skills, indicating that human capital subsidies are in favor of the high skilled.
dc.format.extent 105 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) Review of Economic Dynamics, Vol.52, pp.21-45
dc.subject (關鍵詞) Optimal capital and labor taxes; Human capital accumulation
dc.title (題名) Optimal taxation in the life cycle with human capital investment
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1016/j.red.2023.11.004
dc.doi.uri (DOI) https://doi.org/10.1016/j.red.2023.11.004