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ASSESSING THE DYNAMIC EFFICIENCY GAINS OF TAX-REFORM WHEN HUMAN-CAPITAL IS ENDOGENOUS
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UNSPECIFIED (1995) ASSESSING THE DYNAMIC EFFICIENCY GAINS OF TAX-REFORM WHEN HUMAN-CAPITAL IS ENDOGENOUS. INTERNATIONAL ECONOMIC REVIEW, 36 (4). pp. 907-925. ISSN 0020-6598.
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Abstract
This paper develops a life-cycle growth model with endogenous human capital. accumulation and variable leisure, which is employed to simulate dynamic equal-yield changes from an income tax to a consumption tax. Although endogenizing human capital investment decisions raises partial-equilibrium estimates of the efficiency costs of capital income taxation, general-equilibrium welfare impacts of unanticipated tax changes are little affected by the inclusion of endogenous human capital. This finding cannot be fully explained by the presence of general-equilibrium adjustments in factor prices, and can be attributed in part to the existence of transitional rigidities in capital stocks.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions | ||||
Journal or Publication Title: | INTERNATIONAL ECONOMIC REVIEW | ||||
Publisher: | UNIV PENN | ||||
ISSN: | 0020-6598 | ||||
Official Date: | November 1995 | ||||
Dates: |
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Volume: | 36 | ||||
Number: | 4 | ||||
Number of Pages: | 19 | ||||
Page Range: | pp. 907-925 | ||||
Publication Status: | Published |
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