Publication: Estructura impositiva, capital público y ciclo económico
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1997
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Facultad de Ciencias Económicas y Empresariales. Instituto Complutense de Análisis Económico (ICAE)
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Abstract
En este trabajo se analizan los efectos de los impuestos y del diseño de la política de inversión pública sobre las características del ciclo económico. Se plantea un modelo de equilibrio general, calibrado con datos de la economía española, donde el stock de capital público aparece como un input dentro de la descripción de la tecnología. Los resultados indican que los impuestos tienen un efecto distorsionante diferenciado, provocando cambios en la transmisión de las fluctuaciones económicas. La imposición indirecta se revela superior a la imposición directa en términos de estabilización de las fluctuaciones. El diseño de la política de inversión pública a lo largo del ciclo económico no resulta significativamente importante a la hora de estimular la inversión privada. La simulación de las distintas versiones del modelo reproduce adecuadamente algunas de las propiedades cíclicas de la economía española. La débil correlación positiva entre inversión pública y privada que se observa durante los últimos 25 años puede interpretarse en este modelo como resultado de una política de inversión pública de carácter escasamente procíclico.
The aim of this paper is lo analize the effecls of laxes and the design of fiscal poliey on tbe business cycle features. We sel a general equilibrium model, calibrated with Spanish economy data, where public capital stock is an additional input. Distorting effects of laxes change business cycle properties. Consumption laxes reduce output fluctuations relative lo laxes on personal incorne. The design of public investment over the business cycle cannot stimulate private investment. Simulations of the model match some stylized facts of Spanish business cycle. Weak correlation between public and private investment in the last 25 years could be explained as a barely procyclical policy of public investment.
The aim of this paper is lo analize the effecls of laxes and the design of fiscal poliey on tbe business cycle features. We sel a general equilibrium model, calibrated with Spanish economy data, where public capital stock is an additional input. Distorting effects of laxes change business cycle properties. Consumption laxes reduce output fluctuations relative lo laxes on personal incorne. The design of public investment over the business cycle cannot stimulate private investment. Simulations of the model match some stylized facts of Spanish business cycle. Weak correlation between public and private investment in the last 25 years could be explained as a barely procyclical policy of public investment.
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