English, Article, Journal or magazine article edition: Natural volatility, welfare and taxation Klaus Wälde; Klaus Wälde; Olaf, POSCH; ...

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Bookmark: http://trove.nla.gov.au/version/177671
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Natural volatility, welfare and taxation
Author
  • Klaus Wälde
  • Klaus Wälde
  • Olaf, POSCH
  • Klaus, WAELDE
Physical Description
  • preprint
Notes
  • RePEc:sce:scecfa:95
  • RePEc:gla:glaewp:2007_33
  • Cyclical components are analytically computed in a theoretical model of stochastic endogenous fluctuations and growth. Volatility is shown to depend on the speed of convergence of the cyclical component, the expected length of a cycle and on the altitude of the slump. Taxes affect these channels and can therefore explain cross-country differences and breaks over time in volatility. With exogenous sources of fluctuations, a special case of our model, decentralized factor allocation is efficient. With endogenous fluctuations and growth, decentralized factor allocation is inefficient and (time-invariant) taxes can (de-) stabilize the economy. No unambiguous link exists between volatility and welfare.
  • RePEc:ces:ceswps:_1748
  • Cyclical components are analytically computed in a theoretical model of stochastic endogenous fluctuations and growth. Volatility is shown to depend on the speed of convergence of the cyclical component, the expected length of a cycle and on the attitude of the slump. Taxes affect these channels and can therefore explain cross-country differences and breaks over time in volatility. With exogenous sources of fluctuations, a special case of our model, decentralized factor allocation is efficient. With endogenous fluctuations and growth decentralized factor allocation is inefficient and (time invariant) taxes can (de-) stabilize the economy. No unambiguous link exists between volatility and welfare.
  • Endogenous fluctuations and growth; welfare analysis; taxation; stochastic continuous time model; Poisson uncertainty
  • RePEc:ctl:louvec:2005009
Language
  • English
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