期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2007
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：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.
关键词：Endogenous fluctuations and growth, welfare analysis, taxation, stochastic
continuous time model, Poisson uncertainty
