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This paper uses a new large-scale dynamic simulation model to compare the equity, efficiency, and macroeconomic effects of five alternative to the current U.S. federal income tax. These reforms are a proportional income tax, a proportional consumption tax, a flat tax, a flat tax with transition relief, and a progressive variant of the flat tax called the 'X tax.' The model incorporates intragenerational heterogeneity and kinked budget constraints. It predicts major macroeconomic gains (including an 11 percent increase in long-run output) from replacing the federal tax system with a proportional consumption tax. Future middle- and upper-income classes gain from this policy, but initial older generations are hurt by the policy's implicit capital levy. Poor members of current and future generations also lose. The The flat tax, which adds a standard deduction to the consumption tax, makes all members of future generations better off, but at a cost of halving the economy's long-run output gain and harming initial older generations. Insulating these older generations through transition relief further reduces transition relief further reduces the long-run gains from tax reform. Switching to a proportional income tax without deductions and exemptions hurts current and future low lifetime earners, but helps everyone else. It also raises long-run output by over 5 percent. The X tax makes everyone better off in the long-run and also raises long-run output by 7.5 percent. But it harms initial older generations who bear its implicit wealth tax.
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Equilibrium (Economics) --- Econometrics. --- Econometrics --- Business & Economics --- Economic Theory --- Economics, Mathematical --- Statistics --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences)
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This book considers the treatment of equilibrium by several of the most important schools of thought in economics, including: * neoclassical economics, * the neo-Ricardian economics, * Post-Keynesian economics - both those who follow Joan Robinson in denying any interpretative role to equilibrium in economic theorizing and those who use the notion of equilibrium, but re-defined from a Classical or Keynesian perspective.
Equilibrium (Economics) --- Comparative economics. --- Equilibrium (Economics). --- Comparative economics --- Economic Theory --- Business & Economics --- Comparative economic systems --- Economics, Comparative --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Economic policy --- Economics --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Statics and dynamics (Social sciences)
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General Equilibrium Theory: An Introduction treats the classic Arrow-Debreu general equilibrium model in a form accessible to graduate students and advanced undergraduates in economics and mathematics. Topics covered include mathematical preliminaries, households and firms, existence of general equilibrium, Pareto efficiency of general equilibrium, the First and Second Fundamental Theorems of Welfare Economics, the core and core convergences, future markets over time and contingent commodity markets under uncertainty. Demand, supply, and excess demand appear first as (point-valued) functions, then optionally as (set-valued) correspondences. The mathematics presented (with elementary proofs of the theorems) includes a real analysis, the Brouwer fixed point theorem, and separating and supporting hyperplane theorems. Optional chapters introduce the existence of equilibrium with set-valued supply and demand, the mathematics of upper and lower hemicontinuous correspondences, and the Kakutani fixed point theorem. The treatment emphasizes clarity and accessibility to the student through use of examples and intuition.
Microeconomics --- Quantitative methods (economics) --- Equilibrium (Economics) --- Economics, Mathematical --- Equilibre (Economie politique) --- Mathématiques économiques --- 330.1 --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Economics --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- Mathematical economics --- Econometrics --- Mathematics --- Economische grondbegrippen. Algemene begrippen in de economie --- Methodology --- Economics, Mathematical. --- 330.1 Economische grondbegrippen. Algemene begrippen in de economie --- Mathématiques économiques --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Business, Economy and Management
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330.101 --- Econometrics --- Equilibrium (Economics) --- AA / International- internationaal --- 331.00 --- 330.3 --- Macroeconomics --- 339.0724 --- 330.015195 --- Economics, Mathematical --- Statistics --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Economics --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- 330.101 Economische analyse. Economische methodologie. Economische onderzoeksmethoden--(theoretische economie) --- Economische analyse. Economische methodologie. Economische onderzoeksmethoden--(theoretische economie) --- Economische bewegingen: algemeenheden. --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics. --- Economic growth --- Money. Monetary policy --- Econometrics. --- Equilibrium (Economics). --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics --- Economische bewegingen: algemeenheden
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This paper develops a method of testing levels of economic integration based upon consumption smoothing, and tests it using data on trade balances across Canadian provinces. The results indicate the provinces are highly integrated within Canada, but integration between Canada and the rest of the world is partial. Provincial trade balances respond only about half as much to events in the rest of the world as they do to events within Canada. In short, national borders appear to matter for intertemporal trade.
Exports and Imports --- Macroeconomics --- Economic Integration --- Financial Aspects of Economic Integration --- General Equilibrium and Welfare Economic Analysis of Regional Economies --- Aggregate Factor Income Distribution --- Macroeconomics: Consumption --- Saving --- Wealth --- Empirical Studies of Trade --- International economics --- Income --- Trade balance --- Consumption --- Economic integration --- Government consumption --- National accounts --- International trade --- Economics --- Balance of trade --- International economic integration --- Canada
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This paper analyzes the borrowing behavior of a small open economy of a developing country that relies heavily on imports for its capital formation and faces an upward-sloping supply function of foreign loans. Decision makers face uncertainty about the longevity of external shocks. That uncertainty generates forecast errors that lead to substantial debt accumulation. It is found that the assumption of an upward-sloping supply function of foreign loans, which is a more realistic formulation for developing countries than the usual perfect elasticity, offers an alternative to the Uzawa-type utility function for analyzing asset accumulation in the small open economy framework.
Banks and Banking --- Exports and Imports --- Open Economy Macroeconomics --- Computable and Other Applied General Equilibrium Models --- International Financial Markets --- Empirical Studies of Trade --- International Lending and Debt Problems --- Trade: General --- Interest Rates: Determination, Term Structure, and Effects --- International economics --- Finance --- Terms of trade --- External debt --- Real interest rates --- Exports --- Imports --- International trade --- Financial services --- Economic policy --- nternational cooperation --- Debts, External --- Interest rates --- Dominican Republic
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Economics, Mathematical --- Equilibrium (Economics) --- Prices --- Production (Economic theory) --- Saving and investment --- Technological innovations --- 338.52 --- 338.00 --- 338.043 --- AA / International- internationaal --- Economics --- Mathematical economics --- Econometrics --- Mathematics --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Statics and dynamics (Social sciences) --- Accumulation, Capital --- Capital accumulation --- Capital formation --- Investment and saving --- Saving and thrift --- Capital --- Supply-side economics --- Wealth --- Investments --- Breakthroughs, Technological --- Innovations, Industrial --- Innovations, Technological --- Technical innovations --- Technological breakthroughs --- Technological change --- Creative ability in technology --- Inventions --- Domestication of technology --- Innovation relay centers --- Research, Industrial --- Technology transfer --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Microeconomics --- Demand (Economic theory) --- Theorie van de productie --- Technologische vooruitgang. Automatisering. Computers. Werkgelegenheid en informatica --- Methodology --- Economic production
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This paper examines the impact of social security on welfare. The provision of social security reduces precautionary savings and encourages early retirement. Consequently, it lowers aggregate capital, employment, output, and consumption. On the other hand, it also provides old age insurance. This trade-off is examined using a life-cycle general equilibrium model. The paper finds that the current U.S. Social Security system can improve welfare even though the levels of aggregate output, employment, capital, and consumption fall relative to their levels without such a system. The welfare gains arise from insurance against living much longer than expected.
Insurance --- Investments: General --- Labor --- Macroeconomics --- Demography --- Social Security and Public Pensions --- Fiscal Policy --- Computable and Other Applied General Equilibrium Models --- General Financial Markets: General (includes Measurement and Data) --- Insurance Companies --- Actuarial Studies --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Retirement --- Retirement Policies --- Macroeconomics: Consumption --- Saving --- Wealth --- Investment & securities --- Insurance & actuarial studies --- Population & demography --- Labour --- income economics --- Securities --- Aging --- Consumption --- Financial institutions --- Population and demographics --- National accounts --- Financial instruments --- Population aging --- Economics --- United States
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Gregory C. Chow, father of the Chow Test of stability of economic relations and a major contributor to econometrics and economics, here provides a unified and simple treatment of dynamic economics. Using dynamic optimization as his main theme, Chow introduces the Lagrange method as a more convenient tool than dynamic programming for solving dynamic optimization problems. Dynamic Economics presents the optimization framework for dynamic economics so that readers can understand and use it for applied and theoretical research. Chow shows how the method of Lagrange multipliers is easier and more efficient for solving dynamic optimization problems than dynamic programming, and so enables readers to grasp the substance of dynamic economics more fully. He employs the Lagrange method to study and solve problems in a variety of areas including economic growth, general equilibrium theory, business cycles, dynamic games, finance, and investment--while also discussing numerical methods and analytical solutions. Teaching by example, Chow solves simple problems before moving on to more general propositions. Problems are provided at the end of each chapter. This accessible and wide-ranging work is an ideal primary text for graduate and undergraduate courses in dynamic economics. It can also be used as a supplementary text for courses in mathematics for economists, mathematical economics, macroeconomics, economic development, finance, operations research, and control theory in engineering schools, among others.
Mathematical optimization --- Multipliers (Mathematical analysis) --- Equilibrium (Economics) --- Statics and dynamics (Social sciences) --- Economic development --- 330.0151 --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Development economics --- Resource curse --- Dynamics and statics (Social sciences) --- Equilibrium (Social sciences) --- Social evolution --- Social sciences --- Sociology --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Stagnation (Economics) --- Functional analysis --- Harmonic analysis --- Optimization (Mathematics) --- Optimization techniques --- Optimization theory --- Systems optimization --- Mathematical analysis --- Maxima and minima --- Operations research --- Simulation methods --- System analysis --- Economic development. --- Mathematical optimization. --- Equilibrium (Economics). --- Multipliers (Mathematical analysis). --- Statics and dynamics (Social sciences).
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