Optimal Tax,Debt,and Expenditure Policies in a Growing Economy文稿

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1、JOURNALOFPUBLICECONOMICSEI~SEVIERJournalofPublicEconomics60(1996)21-44Optimaltax,debt,andexpenditurepoliciesinagrowingeconomyStephenJ.TurnovskyDepartmentofEconomics,301SaveryHall,UniversityofWashington,Seattle,WA98195,USAReceivedMay1993;finalversionreceivedApril1995AbstractThispaperemploy

2、sanendogenousgrowthmodeltoanalyzetheroleofaconsumptiontaxinenhancinggrowthandwelfare.Providedgovernmentexpenditureimpactsdirectlyonthedecisionsofprivateagents,twofiscalinstrumentsarenecessarytoreplicatethefirstbestoptimum.Thetradeoffbetweenconsumptionandincometaxestoachievethisoutcomeisdi

3、scussedandshowntodependuponthedegreeofcongestionassociatedwiththepublicgoodandthelevelofgovernmentexpenditurerelativetoitssocialoptimum.Ingeneral,theanalysissuggestsapotentiallyimportantroleforaconsumptiontaxaspartofanoveralloptimalfiscalpackage.Keywords:Growth;Welfare;Taxes;Governmentexp

4、enditureJELclassification:E62;E21I.IntroductionRecentUSeconomicexperiencehasbeencharacterizedbyalowgrowthrateandalowsavingsrate.Duringthedecadeofthe1980stheannualgrowthrateofrealGNPaveragedaround2.6%whileduringthesameperiodthepersonalsavingsrateaveragedaround6.5%.1BoththesefiguresThesefig

5、uresareobtainedfromthe1993USEconomicReportofthePresident;seeTablesB-2andB-24.0047-2727/96/$15.00(~1996ElsevierScienceS.A.AllrightsreservedSSDI0047-2727(95)01519-122S.J.Turnovsky/JournalofPublicEconomics60(1996)21-44arelowerthanthecorrespondingfiguresofearlierdecadesandarebelowthoseofother

6、leadingeconomies,mostnotablyJapan.~ItisalsothecasethatintheUnitedStates,asinmostothercountries,themainsourceofgovernmentrevenueistheincometax,aconsequenceofwhichisthatsavingsistaxed,alongwithconsumption.Periodicallyinthecourseofpolicydebates,thesuggestionhasbeenmadethattaxincentivesshould

7、beusedtostimulatesavingsandgrowth.Inthecourseofthisdiscussion,ithasbeenarguedthattheincometaxshouldbereplacedeitherinpart,orintotal,byaconsumptiontax,therebypartially,ortotally,exemptingsavingsfromtaxation.Thisviewisdiscussed,forexample,inthe1993UnitedStatesEconomic