Report
Non-Separable Preferences do not Rule Out Aggregate Instability under Balanced-Budget Rules: A Note
| العنوان: | Non-Separable Preferences do not Rule Out Aggregate Instability under Balanced-Budget Rules: A Note |
|---|---|
| المؤلفون: | Abad, Nicolas, Seegmuller, Thomas, Venditti, Alain |
| المساهمون: | Aix-Marseille Sciences Economiques (AMSE), École des hautes études en sciences sociales (EHESS)-Aix Marseille Université (AMU)-École Centrale de Marseille (ECM)-Centre National de la Recherche Scientifique (CNRS), EDHEC Business School (EDHEC) |
| المصدر: | https://shs.hal.science/halshs-01933532 ; 2014. |
| بيانات النشر: | HAL CCSD |
| سنة النشر: | 2014 |
| المجموعة: | Aix-Marseille Université: HAL |
| مصطلحات موضوعية: | indeterminacy, expectations-driven business cycles, labor income taxes, balanced-budget rule, non-separable preferences, [SHS.ECO]Humanities and Social Sciences/Economics and Finance |
| الوصف: | We investigate the role of non-separable preferences on the occurrence of macroeconomic instability under a balanced-budget rule where government spending is financed by a tax on labor income. Considering a one-sector neoclassical growth model with a large class of non-separable utility functions, we find that expectations-driven fluctuations easily occur when consumption and labor are Edgeworth substitutes or weak Edgeworth complements. Under these properties, an intermediate range of tax rates and a sufficiently low elasticity of intertemporal substitution in consumption lead to instability. |
| نوع الوثيقة: | report |
| اللغة: | English |
| Relation: | halshs-01933532; https://shs.hal.science/halshs-01933532; https://shs.hal.science/halshs-01933532/document; https://shs.hal.science/halshs-01933532/file/WP%202018%20-%20Nr%2026.pdf |
| الاتاحة: | https://shs.hal.science/halshs-01933532 https://shs.hal.science/halshs-01933532/document https://shs.hal.science/halshs-01933532/file/WP%202018%20-%20Nr%2026.pdf |
| Rights: | info:eu-repo/semantics/OpenAccess |
| رقم الانضمام: | edsbas.E0CDD2F3 |
| قاعدة البيانات: | BASE |
| الوصف غير متاح. |