Optimal taxation in an RBC model: a linear-quadratic approach
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11029 |
| Schlagwörter: | |
| Links: | http://papers.nber.org/papers/w11029.pdf |
| Abstract: | "We reconsider the optimal taxation of income from labor and capital in the stochastic growth model analyzed by Chari et al. (1994, 1995), but using a linear-quadratic (LQ) approximation to derive a log-linear approximation to the optimal policy rules. The example illustrates how inaccurate "naive" LQ approximation --- in which the quadratic objective is obtained from a simple Taylor expansion of the utility function of the representative household---can be, but also shows how a correct LQ approximation can be obtained, which will provide a correct local approximation to the optimal policy rules in the case of small enough shocks. We also consider the numerical accuracy of the LQ approximation in the case of shocks of the size assumed in the calibration of Chari et al. We find that the correct LQ approximation yields results that are quite accurate, and similar in most respects to the results obtained by Chari et al. using a more computationally intensive numerical method"--National Bureau of Economic Research web site. |
| Umfang: | 56 S. graph. Darst. |
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11029 | |
| 520 | 3 | |a "We reconsider the optimal taxation of income from labor and capital in the stochastic growth model analyzed by Chari et al. (1994, 1995), but using a linear-quadratic (LQ) approximation to derive a log-linear approximation to the optimal policy rules. The example illustrates how inaccurate "naive" LQ approximation --- in which the quadratic objective is obtained from a simple Taylor expansion of the utility function of the representative household---can be, but also shows how a correct LQ approximation can be obtained, which will provide a correct local approximation to the optimal policy rules in the case of small enough shocks. We also consider the numerical accuracy of the LQ approximation in the case of shocks of the size assumed in the calibration of Chari et al. We find that the correct LQ approximation yields results that are quite accurate, and similar in most respects to the results obtained by Chari et al. using a more computationally intensive numerical method"--National Bureau of Economic Research web site. | |
| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Income tax |x Econometric models | |
| 700 | 1 | |a Woodford, Michael |d 1955- |e Verfasser |0 (DE-588)128734388 |4 aut | |
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| id | DE-604.BV019884302 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T12:07:56Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-013208395 |
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| physical | 56 S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
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| publisher | National Bureau of Economic Research |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Benigno, Pierpaolo 1971- Verfasser (DE-588)124153380 aut Optimal taxation in an RBC model a linear-quadratic approach Pierpaolo Benigno ; Michael Woodford Cambridge, Mass. National Bureau of Economic Research 2005 56 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11029 "We reconsider the optimal taxation of income from labor and capital in the stochastic growth model analyzed by Chari et al. (1994, 1995), but using a linear-quadratic (LQ) approximation to derive a log-linear approximation to the optimal policy rules. The example illustrates how inaccurate "naive" LQ approximation --- in which the quadratic objective is obtained from a simple Taylor expansion of the utility function of the representative household---can be, but also shows how a correct LQ approximation can be obtained, which will provide a correct local approximation to the optimal policy rules in the case of small enough shocks. We also consider the numerical accuracy of the LQ approximation in the case of shocks of the size assumed in the calibration of Chari et al. We find that the correct LQ approximation yields results that are quite accurate, and similar in most respects to the results obtained by Chari et al. using a more computationally intensive numerical method"--National Bureau of Economic Research web site. Ökonometrisches Modell Income tax Econometric models Woodford, Michael 1955- Verfasser (DE-588)128734388 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11029 (DE-604)BV002801238 11029 http://papers.nber.org/papers/w11029.pdf kostenfrei Volltext |
| spellingShingle | Benigno, Pierpaolo 1971- Woodford, Michael 1955- Optimal taxation in an RBC model a linear-quadratic approach National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Income tax Econometric models |
| title | Optimal taxation in an RBC model a linear-quadratic approach |
| title_auth | Optimal taxation in an RBC model a linear-quadratic approach |
| title_exact_search | Optimal taxation in an RBC model a linear-quadratic approach |
| title_full | Optimal taxation in an RBC model a linear-quadratic approach Pierpaolo Benigno ; Michael Woodford |
| title_fullStr | Optimal taxation in an RBC model a linear-quadratic approach Pierpaolo Benigno ; Michael Woodford |
| title_full_unstemmed | Optimal taxation in an RBC model a linear-quadratic approach Pierpaolo Benigno ; Michael Woodford |
| title_short | Optimal taxation in an RBC model |
| title_sort | optimal taxation in an rbc model a linear quadratic approach |
| title_sub | a linear-quadratic approach |
| topic | Ökonometrisches Modell Income tax Econometric models |
| topic_facet | Ökonometrisches Modell Income tax Econometric models |
| url | http://papers.nber.org/papers/w11029.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT benignopierpaolo optimaltaxationinanrbcmodelalinearquadraticapproach AT woodfordmichael optimaltaxationinanrbcmodelalinearquadraticapproach |