巴罗宏观经济学：现代观点第13章.ppt

Macroeconomics Chapter 13,1,Taxes,C h a p t e r 1 3,Macroeconomics Chapter 13,2,Taxes in the United States,Macroeconomics Chapter 13,3,Taxes in China,Macroeconomics Chapter 13,4,Types of Taxes,Macroeconomics Chapter 13,5,Types of Taxes,Macroeconomics Chapter 13,6,Types of Taxes,Macroeconomics Chapter 13,7,Types of Taxes,taxes fall on forms of income: individual income taxes, corporate profits taxes, and contributions for Social Security and Medicare. taxes are based on expenditures: sales taxes, excise taxes, and customs duties. Property taxes,Macroeconomics Chapter 13,8,Types of Taxes,The marginal tax rate is the additional tax paid on an additional dollar of income. The average tax rate is the ratio of total taxes paid to total income. An important property of the U.S. federal individual income tax is that the marginal tax rate rises with income.,Macroeconomics Chapter 13,9,Types of Taxes,Macroeconomics Chapter 13,10,Types of Taxes,Macroeconomics Chapter 13,11,Types of Taxes,Macroeconomics Chapter 13,12,Types of Taxes,Macroeconomics Chapter 13,13,Taxes in the Model,Household Budget Constraint,C + (1/P)B+ K = (w/P)Ls+ r(B/P+K) + V T,Macroeconomics Chapter 13,14,Taxes in the Model,Let w be the marginal tax rate on labor income. a higher w will generate more tax revenue for the government unless the amount of labor income falls sharply. Let w be same for all levels of income same for all time - no intertemporal substitution.,Macroeconomics Chapter 13,15,Taxes in the Model,Income effects from a change inw V T = G Therefore, if government purchases, G, are unchanged， real transfers net of real taxes, V T, must also be unchanged. For given G, we do not get any changes in household real income through the term V T. In other words, if G is fixed, there are no income effects from a change inw.,Macroeconomics Chapter 13,16,Taxes in the Model,after-tax real wage rate = (1w)(w/P),If the marginal tax rate, w, rises, for a given w/P, (1w)(w/P) falls. We predict that the household would reduce the quantity of labor supplied, take more leisure time, and consume less. - intratemporal substitution,Macroeconomics Chapter 13,17,Taxes in the Model,Macroeconomics Chapter 13,18,Taxes in the Model,For a given pretax real wage rate, w/P, a higher w implies a lower after-tax real wage rate, (1 w) (w/P) . A rise in w shifts the labor supply curve leftward from the blue one labeled Ls to the green one labeled (Ls ) . This decrease in labor supply reflects the substitution effect from the higher labor-income tax rate, w,Macroeconomics Chapter 13,19,Taxes in the Model,a higher marginal tax rate on labor income, w, lowers the quantity of labor input, L. (1 w) (w/P) also decreases.,This effect will spill over to the market for capital services because the reduction in L tends to reduce the marginal product of capital services, MPK.,Macroeconomics Chapter 13,20,Taxes in the Model,Macroeconomics Chapter 13,21,Taxes in the Model,Y= A F( K, L) we found that a rise in the labor-income tax rate, w, reduced the quantities of labor, L, and capital services, K. A higher marginal tax rate on labor income, w, leads to a reduction in overall market activity, as gauged by real GDP, Y.,Macroeconomics Chapter 13,22,Taxes in the Model,A Tax on Asset Income C+ (1/P)B+ K = ( w/P) Ls+ r ( B/P +K) + V T,r = ( R/ P) () Let r be the marginal tax rate on asset income.,Macroeconomics Chapter 13,23,Taxes in the Model,A Tax on Asset Income (1r) r = (1r)(R/P)() ,Macroeconomics Chapter 13,24,Taxes in the Model,For the choice between C1 and C2 is the after-tax real interest rate, (1r)r . If r rises, for given r, (1r)r declines. Households have less incentive to defer consumption, and it reacts by increasing C1 compared to C2. For given real income in year 1, an increase in r motivates the household to consume more and save less in year 1.,Macroeconomics Chapter 13,25,Taxes in the Model,(K )d : does not change. (K )s : choose to maximize (1r)r. Hence, no change in the rental market. No change in labor and GDP. In the long run, the decrease in I leads to a lower GDP.,Macroeconomics Chapter 13,26,Taxes in the Model,A Tax on consumption C+ ( 1/P)B+ K = ( w/P) Ls+ r ( B/P +K) + V T Suppose now that real taxes, T, depend on a households consumption Let c be the marginal tax rate on asset income.,Macroeconomics Chapter 13,27,Taxes in the Model,A Tax on consumption T = c C C+ ( 1/P)B+ K = (w/P) Ls+ r (B/P+K) + V c C The net real wage: (w/P) / (1+c) The net real interest rate: r / (1+c),Macroeconomics Chapter 13,28,An Increase in Government Purchases Financed by a Labor Income Tax,Effects from a permanent increase in government purchases, G. assumed, that the increase in G was financed by lump-sum taxes. Our finding was that an increase in G by one unit left real GDP, Y, unchanged and reduced consumption, C, by about one unit. Gross investment, I, was unchanged. Also unchanged were the real wage rate, w/P, the real rental price, R/P, and the real interest rate, r.,Macroeconomics Chapter 13,29,An Increase in Government Purchases Financed by a Labor Income Tax,Now combine the permanent increase in G and the higher marginal income tax ratew The income effect increases the supply of labor.,Macroeconomics Chapter 13,30,An Increase in Government Purchases Financed by a Labor Income Tax,We found in this chapter that the substitution effect from a higher marginal tax rate, w, on labor income reduces the quantity of labor supplied.,The net effect on the supply of labor is not so large.,Macroeconomics Chapter 13,31,An Increase in Government Purchases Financed by a Labor Income Tax,Empirically, the overall effect from permanently increased government purchases, G, on the quantity of labor supplied, Ls , seems to be small.,Macroeconomics Chapter 13,32,An Increase in Government Purchases Financed by a Labor Income Tax,Macroeconomics Chapter 13,33,Transfer Payments,Suppo