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Collection Lags And The Optimal Inflation Tax
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Book Synopsis Collection Lags and the Optimal Inflation Tax by : Mr.Alex Mourmouras
Download or read book Collection Lags and the Optimal Inflation Tax written by Mr.Alex Mourmouras and published by International Monetary Fund. This book was released on 1993-07-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The observation that collection lags combine with inflation to erode fiscal revenues has long been a strong argument against seigniorage (Tanzi (1978)). However, with the exception of Dixit (1991), who used a general equilibrium model to reject this argument, the optimal tax literature has not analyzed how collection lags affect desired tax structures. In this paper, this issue is re-examined using an overlapping generations version of Dixit’s model. It is shown that depending on the specification of the collection cost function and the size of government spending in GDP, collection lags may increase, leave unchanged, or reduce the desired rate of inflation.
Book Synopsis The Optimal Mix of Inflationary Finance and Commodity Taxation with Collection Lags by : Mr.Avinash K. Dixit
Download or read book The Optimal Mix of Inflationary Finance and Commodity Taxation with Collection Lags written by Mr.Avinash K. Dixit and published by International Monetary Fund. This book was released on 1990-09-01 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: When there are collection lags in the tax system, inflation reduces the real revenues. This is often offered as an argument for less reliance on the inflation tax. But the optimal rates of other taxes should also be reconsidered in the light of collection lags. When this is done, the focus shifts from the revenues (which can be recouped by changing the rates of these taxes), to the associated costs of collection. In a benchmark case where the average costs of collection are constant, the optimal inflation tax is independent of the collection lag.
Book Synopsis Collection Lags and the Optimal Inflation Tax by : Alex Mourmouras
Download or read book Collection Lags and the Optimal Inflation Tax written by Alex Mourmouras and published by . This book was released on 1993 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Optimal Mix of Inflationary Finance and Commodity Taxation with Collection Lags by : Avinash Dixit
Download or read book The Optimal Mix of Inflationary Finance and Commodity Taxation with Collection Lags written by Avinash Dixit and published by . This book was released on 2006 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: When there are collection lags in the tax system, inflation reduces the real revenues. This is often offered as an argument for less reliance on the inflation tax. But the optimal rates of other taxes should also be reconsidered in the light of collection lags. When this is done, the focus shifts from the revenues (which can be recouped by changing the rates of these taxes), to the associated costs of collection. In a benchmark case where the average costs of collection are constant, the optimal inflation tax is independent of the collection lag.
Book Synopsis Collection Lags and the Optimal Inflation Tax by : Alexandros Mourmouras
Download or read book Collection Lags and the Optimal Inflation Tax written by Alexandros Mourmouras and published by . This book was released on 2006 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The observation that collection lags combine with inflation to erode fiscal revenues has long been a strong argument against seigniorage (Tanzi (1978)). However, with the exception of Dixit (1991), who used a general equilibrium model to reject this argument, the optimal tax literature has not analyzed how collection lags affect desired tax structures. In this paper, this issue is re-examined using an overlapping generations version of Dixit`s model. It is shown that depending on the specification of the collection cost function and the size of government spending in GDP, collection lags may increase, leave unchanged, or reduce the desired rate of inflation.
Book Synopsis The Optimal Inflation Tax when Taxes are Costly to Collect by : Fiorella De Fiore
Download or read book The Optimal Inflation Tax when Taxes are Costly to Collect written by Fiorella De Fiore and published by . This book was released on 2000 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Revenue, Inflationary Finance and Growth by : Mr.Nurun N. Choudhry
Download or read book Fiscal Revenue, Inflationary Finance and Growth written by Mr.Nurun N. Choudhry and published by International Monetary Fund. This book was released on 1992-03-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the optimal rate of monetary expansion when government resorts to inflationary finance to generate additional investment for enhancing growth. If there are lags in tax collection, an increase in inflation erodes real fiscal revenue, thereby worsening the current balance while reducing government investment. This impedes capital accumulation as well as increases the welfare cost of inflation. As such, the optimal rate of monetary expansion, equilibrium capital-labor ratio and output are lower while the marginal cost of inflationary finance is higher than they would be without collection lags. Simulations are performed to highlight empirical implications.
Book Synopsis The Optimal Inflation Tax when Income Taxes Distort by : Dean Croushore
Download or read book The Optimal Inflation Tax when Income Taxes Distort written by Dean Croushore and published by . This book was released on 1994 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Optimal Inflation Tax when Income Taxes Distort by : Dean Croushore
Download or read book The Optimal Inflation Tax when Income Taxes Distort written by Dean Croushore and published by . This book was released on 1994 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Optimal Inflation Tax by : Isabel Correia
Download or read book The Optimal Inflation Tax written by Isabel Correia and published by . This book was released on 1996 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Jointly Optimal Inflation Tax, Income Tax Structure, and Transfers by : Preston J. Miller
Download or read book The Jointly Optimal Inflation Tax, Income Tax Structure, and Transfers written by Preston J. Miller and published by . This book was released on 1999 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Theory and Policy by : Mr.Vito Tanzi
Download or read book Theory and Policy written by Mr.Vito Tanzi and published by International Monetary Fund. This book was released on 1992-02 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a recent paper Professor Dixit criticized the argument that when collection lags characterize tax systems, recourse to inflationary finance should be minimized. He argued that, in such case, rather than minimizing recourse to inflationary finance, the rates of the commodity taxes should be adjusted to maintain them at an optimal level and, thus, to minimize welfare costs. This paper shows that the requirements for following Dixit’s policy prescription are almost impossible to meet. The paper argues that more attention should be paid by tax theorists to the constraints under which tax reforms are made.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451956444 Total Pages :259 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1977-01-01 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of the present study is to review these concepts and to estimate consistent series of potential output in manufacturing for Canada, the United States, Japan, France, the Federal Republic of Germany, Italy, the United Kingdom, and Sweden for the period 1955–1975. Potential output series are also projected for the medium term (1976–1978) based on forecasts of available resources. The production function method is selected as the best approach to derive potential output series. The function used in the paper is a modified Cobb–Douglas function that allows for economies of scale and cyclical variations in the intensity of use of employed labor and of the capital stock. The study concludes that the rate of growth of potential output in manufacturing is now lower in most industrial countries than it was in the late 1960s. However, the fall is not as large as is often claimed, so that the output gaps early in 1976 were extremely high in all the major industrial countries. The principal reasons for the slowdown in the rate of growth of potential output are the lower rate of capital accumulation and the reduction of the normal workweek, rather than the direct effect of the increase in the price of energy.
Book Synopsis Fiscal Revenue, Inflationary Finance and Growth by : Nurun Choudhry
Download or read book Fiscal Revenue, Inflationary Finance and Growth written by Nurun Choudhry and published by . This book was released on 2006 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the optimal rate of monetary expansion when government resorts to inflationary finance to generate additional investment for enhancing growth. If there are lags in tax collection, an increase in inflation erodes real fiscal revenue, thereby worsening the current balance while reducing government investment. This impedes capital accumulation as well as increases the welfare cost of inflation. As such, the optimal rate of monetary expansion, equilibrium capital-labor ratio and output are lower while the marginal cost of inflationary finance is higher than they would be without collection lags. Simulations are performed to highlight empirical implications.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451973136 Total Pages :236 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1991-01-01 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trade liberalization in developing countries is frequently opposed on the grounds that, because it is likely to cause a deterioration in the external balance, it may not be a viable policy option for countries facing foreign exchange constraints. Recent literature suggests, however, an ambiguous relationship between tariff changes and the current account. This paper shows that if liberalization involves reducing tariffs on imported intermediate inputs (a reform that has figured prominently in developing countries), then the current account may improve or deteriorate, depending on the level of initial trade distortions and the structure of the economy.[JEL F13, F32, F41]
Book Synopsis The Inflation-Targeting Debate by : Ben S. Bernanke
Download or read book The Inflation-Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451957033 Total Pages :181 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers, Volume 41 No. 1 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers, Volume 41 No. 1 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1994-01-01 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines effects of economic growth and speed of adjustment on openness, human development, and fiscal policies. The model developed in this paper postulates that learning through experience raises labor productivity with three major consequences. First, the steady-state growth rate of output becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth increases and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of the exogenous rates of technical change and population growth.
