Publication: Política fiscal óptima: el estado de la cuestión
Loading...
Files
Official URL
Full text at PDC
Publication Date
2002
Authors
Advisors (or tutors)
Editors
Journal Title
Journal ISSN
Volume Title
Publisher
Instituto Complutense de Análisis Económico. Universidad Complutense de Madrid
Citations
Exportar
Abstract
En este trabajo se presenta el estado actual de conocimiento del problema de la política fiscal óptima, así como hacia dónde se dirigen las líneas de investigación en este área. En particular se describen los principales resultados derivados de cómo un gobierno debe ejecutar la política fiscal óptima en una gran variedad de contextos: desde un
marco estático hasta un marco dinámico tanto determinista como estocástico, y desde modelos con agente representativo hasta modelos de generaciones solapadas. Destacamos que los resultados no son muy dispares entre los diferentes tipos de contextos y modelos, para una estructura de preferencias comúnmente utilizada. En general,
resultados como que el impuesto sobre las rentas de capital debe ser nulo a largo plazo, aunque inicialmente deben ser gravadas a tasas confiscatorias, y que los tipos impositivos sobre la renta del trabajo y sobre el consumo deben
ser uniformes, son habituales en muy diferentes contextos. Sin embargo, han surgido nuevas líneas de investigación que tratan de, por un lado, obtener resultados que puedan llevarse a la práctica real, y, por otro, modelizaciones que eviten el problema de la inconsistencia temporal o el de la indeterminación de la política fiscal en contextos con incertidumbre.
ABSTRACT:
This paper presents the state of art in optimal fiscal policy, focusing on the more promising research lines in this topic. In particular, we show the main results on how the government must implement optimal fiscal policy in different frameworks: from static to dynamic stochastic settings and, from infinite horizon to overlapping generations models. For a commonly used structure of preferences (time separable and homothetic), results are not very different among the several settings. In general, results such as the optimal zero tax rate on capital income (but
with high initial tax rates) and the optimality of the uniform taxation on labor income and consumption, are usual in different frameworks. However, new research lines have arisen, trying to obtain results empirically more plausible, with model specifications that avoid time inconsistency and the indeterminacy of the state-contingent optimal fiscal policy.
Description
UCM subjects
Unesco subjects
Keywords
Citation
Ambler, S. (2000), “Optimal Time Consistent Fiscal Policy with Overlapping Generations”, mimeo, Université du Quebec à Montreal.
Atkeson, A., V.V. Chari y P.J. Kehoe (1999), “The Public Finance Foundations for Zero Capital Income Taxation”, mimeo, Research Department, Federal Reserve Bank of Minneapolis.
Atkinson, A.B. y J.E. Stiglitz (1972), "The Structure of Indirect Taxation and Economic Efficiency", Journal of Public Economics, nº 1, 97-119.
Benhabib, J. y A. Rustichini (1997). “Optimal Taxes without Commitment”, Journal of Economic Theory, 77, 231-259.
Bohn, H. (1994), "Optimal State-Contingent Capital Taxation: When Is There an Indeterminacy?”, Journal of Monetary Economics, 34, 125-137.
Bull, N. (1992), "Optimal Taxation in an Endogenous Growth Model with Human Capital", Ph. dissertation, University of Minnesota.
Cassou, S.P. (1995), "Optimal Tax Rules in a Dynamic Stochastic Economy with Capital", Journal of Economic Dynamics and Control, vol. 19, 1165-1197.
Chamley, C. (1986). “Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives”, Econometrica, 54, 607-622.
Chari, V.V., L.J. Christiano y P.J. Kehoe (1991). "Technical Appendix to Optimal Fiscal Policy in a Stochastic Growth Model", Working Paper n° 158, Federal Reserve Bank of Minneapolis.
Chari, V.V., L.J. Christiano y P.J. Kehoe (1994)."Optimal Fiscal Policy in a Business Cycle Model", Journal of Political Economy, vol. 102, 617-652.
Chari, V.V. y P.J. Kehoe (1999), “Optimal Fiscal and Monetary Policy”, en Handbook of Macroeconomics, J.B. Taylor y M. Woodford (eds.), Elsevier Science, 1999.
Diamond, P.A. y J.A. Mirrlees (1971), "Optimal Taxation and Public Production I: Production Efficiency", American Economic Review, nº 61, 8-27.
Domeij, D. y P. Klein (1999). “Pre-Announced Optimal Tax Reform”, mimeo, Institute for International Economic Studies, University of Stockholm.
Erosa A. y M. Gervais (1999), "Optimal Taxation in Life-Cycle Economies", de próxima aparición en Journal of Economic Theory.
Garriga, C. (1999), “Optimal Fiscal Policy in Overlapping Generations Models”, mimeo, Research Department, Federal Reserve Bank of Minneapolis.
Guo, J.T. y K.J. Lansing (1999), “Optimal Taxation of Capital Income with Imperfectly Competitive Product Markets”, Journal of Economic Dynamics and Control, 23(7), 967-995.
Hall, R.E. y A. Rabushka (1995), The flat tax, 2ª edición Stanford, California: Hoover Institution Press.
Imrohoroglu, S. (1998). “A Quantitative Analysis of Capital Income Taxation”, International Economic Review, Vol. 39, nº2, 307-328.
Jones, L.E., R.E. Manuelli y P.E. Rossi (1993). “Optimal Taxation in Models of Endogenous Growth”, Journal of Political Economy, 101, 458-517.
Jones, L.E., R.E. Manuelli y P.E. Rossi (1997). “On the Optimal Taxation of Capital Income”, Journal of Economic Theory, 73, 93-117.
Judd, K.L. (1985), "Redistributive Taxation in a Simple Perfect Foresight Model", Journal of Public Economics, nº 28, 59-83.
Judd, K.L. (1997), "The Optimal Tax on Capital Income is Negative”, Working Paper 6004, NBER.
Klein, P. y J.V. Ríos-Rull (1999). “Time-Consistent Optimal Fiscal Policy”, mimeo, Institute for International Economic Studies, University of Stockholm.
Lansing, K.J. (1998). “Optimal Fiscal Policy in a Business Cycle Model with Public Capital”, Canadian Journal of Economics, 31(2), 337-364.
Lucas, R.E. Jr. y N. Stokey (1983). "Optimal Fiscal and Monetary Policy in an Economy without Capital", Journal of Monetary Economics, 12, 55-93.
Manzano, B. (2002). “Inversión pública óptima en un modelo de equilibrio general”, de próxima aparición en Investigaciones Económicas.
Manzano, B. y J. Ruiz (2000). “Optimal Contingent Fiscal Policy in a Business Cycle Model”, Taller de Macroeconomía Dinámica, Papeles de Trabajo, 38, Instituto de Estudios Económicos de Galicia.
Marcet, A., T. Sargent y J. Seppälä. (1996). "Optimal Taxation without State-Contingent Debt", Working Paper 170. Universitat Pompeu Fabra.
Ramsey, F.P. (1927). “A Contribution to the Theory of Taxation”, Economic Journal, 37, 47-61.
Razin, A. y E. Sadka (1995), "The Status of Capital Income Taxation in the Open Economy", FinanzArchiv 52, 21-32.
Razin, A. y C. Yuen (1999), “Optimal International Taxation and Growth Rate Convergence: Tax Competition vs. Coordination”, International Tax and Public Finance, 6(1), 61-78.
Rojas, G. (1993). "Optimal Taxation in a Stochastic Growth Model with Public Capital: Crowding-in Effects and Stabilization Policy", Economics Working Paper 62, Universitat Pompeu Fabra.
Scott A. (1999), "Does Tax Smoothing Imply Smooth Taxes?", Discussion Paper 429, Center for Economic Performance, London School of Economics.
Sims, C.A. (1998). “Solving Linear Rational Expectations Models”, mimeo.
Stiglitz, J.E. (1987), " Pareto Efficient and Optimal Taxation and the New Welfare Economics", en A.J. Auerbach and M. Feldstein editores, Handbook of Public Economics, vol. 2 (North-Holland, Amsterdam), 991-1042.
Turnovsky, S,J. (1996), "Optimal Tax, Debt, and Expenditure Policies in a Growing Economy", Journal of Public Economics, nº 60, 21-44.
Zhu, X. (1992), "Optimal Fiscal Policy in a Stochastic Growth Model", Journal of Economic Theory, 58, 250-289.
Zhu, X. (1995), "Endogenous Capital Utilization, Investor's Effort, and Optimal Fiscal Policy", Journal of Monetary Economics, nº 36, 655-677.