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10月11日,李倩(上海财经大学)
发布时间:2018-10-08   发布人:zs   点击数:126

报告人:李倩,上海财经大学

时间:10月11日(周四)下午1:30—3:00

地点:博学楼1222教室

题目:Dynamic Effects of Consumption Tax Reforms with Consumer Durables

摘要:This paper introduces durables to a dynamic general equilibrium life cycle model with idiosyncratic income shocks and endogenous borrowing constraints. The aim of this paper is to see how the welfare implications of a consumption tax reform change when durables are explicitly modeled. In an environment without consumer durables, the welfare gain upon impact of the reform in terms of the consumption equivalent is 1.59%, and it increases to 5.59% at the final steady state. However, this conclusion of positive welfare gains is overthrown when durables are modeled. Immediately following the reform, the welfare gain plunges to -10.08% and only increases to -4.02% in the long-run steady state. The mechanism behind these results is twofold. First, the interaction between the borrowing constraint and the budget constraint makes durables more expensive relative to nondurables after the reform. This particularly affects households with limited resources but with the desire to hold a certain amount of durable stocks. Second, the borrowing constraint introduces an additional term into the intertemporal condition of durables for liquidity constrained households, such that the reform further increases the marginal cost of durables. Durables not only provide current utility but also generate a stream of future utility. For these reasons, our numerical results show that young households with medium labor earnings, formerly low productivity households who just retired, and the very old cohorts experience the most substantial welfare loss.

讲座人简介:李倩助教授2014年毕业于纽约州立大学石溪分校,毕业后至今就职于上海财经大学经济学院。她的主要研究方向为宏观经济学、财政税收。

 

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