期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2008
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：This paper studies the quantitative implications of changes in the
composition of taxes for long-run growth and expected lifetime utility
in the UK economy over 1970-2005. Our setup is a dynamic stochastic
general equilibrium model incorporating a detailed .scal policy struc-
ture, and where the engine of endogenous growth is human capital
accumulation. The government.s spending instruments include pub-
lic consumption, investment and education spending. On the revenue
side, labour, capital and consumption taxes are employed. Our results
suggest that if the goal of tax policy is to promote long-run growth
by altering relative tax rates, then it should reduce labour taxes while
simultaneously increasing capital or consumption taxes to make up for
the loss in labour tax revenue. In contrast, a welfare promoting policy
would be to cut capital taxes, while concurrently increasing labour or
consumption taxes to make up for the loss in capital tax revenue.
