文章基本信息

标题：Time-varying Consumption Tax, Productive Government Spending, and Aggregate Instability
作者：Mauro Bambi ; Alain Venditti
期刊名称：Discussion Papers in Economics / Department of Economics, University of York
出版年度：2016
卷号：2016
出版社：University of York
摘要：In this paper we study the dynamics of an economy with productive government spending under the assumption that the government balances its budget by levying endogenous non-linear consumption taxes. For standard specifcation of the utility function and production function, we prove that under counter-cyclical consumption taxes, while there exists a unique balanced growth path, sunspot equilibria based on self-fulfilling expectations occur through a form of global indeterminacy.
关键词：Endogenous growth; time-varying consumption tax; global indeterminacy; self-fulfilling expectations; sunspot equilibria.