Openness, income-tax progressivity, and inflation
This paper considers a model of an open economy in which the degree of income-tax progressivity influences the interaction among openness, central bank independence, and the inflation rate. Our model suggests that an increase in the progressivity of the tax system induces a smaller response in real...
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| Veröffentlicht in: | Journal of macroeconomics 2009-09, Vol.31 (3), p.485-491 |
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| container_end_page | 491 |
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| container_title | Journal of macroeconomics |
| container_volume | 31 |
| creator | Daniels, Joseph P. VanHoose, David D. |
| description | This paper considers a model of an open economy in which the degree of income-tax progressivity influences the interaction among openness, central bank independence, and the inflation rate. Our model suggests that an increase in the progressivity of the tax system induces a smaller response in real output to a change in the price level. This implies that increased income-tax progressivity reduces the equilibrium inflation rate and that the effect of increased income-tax progressivity on inflation is smaller when the central bank places a higher weight on inflation or when there is greater openness. Examination of cross-country inflation data provides empirical support for these key predictions. |
| doi_str_mv | 10.1016/j.jmacro.2008.10.003 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0164-0704 |
| ispartof | Journal of macroeconomics, 2009-09, Vol.31 (3), p.485-491 |
| issn | 0164-0704 1873-152X |
| language | eng |
| recordid | cdi_proquest_miscellaneous_37191734 |
| source | RePEc; Elsevier ScienceDirect Journals |
| subjects | Central banks Economic models Income tax Income taxes Inflation Openness Openness Inflation Tax progressivity Progressive taxation Studies Tax progressivity Tax systems Transparency |
| title | Openness, income-tax progressivity, and inflation |
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