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Article dans une revue International Economic Review Année : 2016

A Tale of Tax Policies in Open Economies

Résumé

To evaluate fiscal policy reforms for Euro-area countries, this article develops and calibrates a small open economy model. Debt reduction reforms require higher tax rates in the short term in exchange for lower rates in the long term as the debt-servicing burden falls. Using the capital income tax to implement such a policy leads to welfare gains; the consumption tax, a very small welfare gain; and the labor income tax, a welfare loss. Holding fixed the long-run debt-output ratio, offsetting a lower capital income tax with either a higher labor income or consumption tax generally yields welfare gains.
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Dates et versions

halshs-01232216, version 1 (23-11-2015)

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Stéphane Auray, Aurélien Eyquem, Paul Gomme. A Tale of Tax Policies in Open Economies. International Economic Review, 2016, 57 (4), pp.1299-1333. ⟨10.1111/iere.12199⟩. ⟨halshs-01232216⟩
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