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Essays on Public Policy Analysis Using Macroeconomic Models
Başlık:
Essays on Public Policy Analysis Using Macroeconomic Models
Yazar:
Nomura, Akihiro, author.
ISBN:
9780438129344
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 electronic resource (139 pages)
Genel Not:
Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.
Advisors: Yue Li Committee members: Betty C. Daniel; Adrian Masters.
Özet:
This thesis is composed of three separate essays.
The first essay constructs a model with heterogeneous agents and money. In the model, households differ in age and productivity. These households hold two types of assets: capital and money. Money is used to smooth consumption across periods and increase contemporaneous utility. We calibrate the model to match the Japanese economy and find that inflation has different effects across age groups and productivity levels. Under the assumption that the government maintains a balanced budget by adjusting the labor income tax, inflation has positive effects on aggregate capital, labor and welfare. This is mainly because positive inflation transfers resources from money-rich to money-poor households that are typically young and have low productivity.
The second essay investigates effects of a consumption tax hike on aggregate variables, welfare and wealth distribution using a large-scale OLG model calibrated to match the Japanese economy. The model successfully replicates earnings and wealth distributions. Our simulation results suggest that the consumption tax hike has a small impact on the Japanese economy if this hike is used to fund a labor tax reduction and a pension benefits increase. We found, however, that this result highly depends on the assumption regarding how the government reallocates the additional consumption taxes. It is much better to use the additional revenue for the labor tax reduction than for the pension benefits increase because the intertemporal transfers from the young to the old reduce expected lifetime utility. Another main finding is that the effects of the consumption tax hike differ by household income levels. In our benchmark simulation, while wealthy households accumulate more assets, the poor young and the poor old reduce their savings sharply. These asymmetric responses widen wealth inequality, especially within very young ages and retirees.
The last essay constructs an endogenous cash-in-advance constraint model by assuming that an economy has a financial sector offering services that can facilitate credit transactions. Our steady-state analysis finds that with the endogenous CIA constraint, inflation have a positive effect on capital accumulation (Tobin effect) and the Friedman rule does not hold (i.e., a zero nominal interest rate is not optimal). Then we investigate short-run dynamics. Our stochastic model exhibits an effect to stabilize the economy against transitory money growth shocks. When the representative household does not internalize the transaction technology in its decision making, the Tobin effect disappears in the long run but the short-run stabilization effect still remains.
Notlar:
School code: 0668
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Yer Numarası | Demirbaş Numarası | Shelf Location | Lokasyon / Statüsü / İade Tarihi |
---|---|---|---|
XX(694434.1) | 694434-1001 | Proquest E-Tez Koleksiyonu | Arıyor... |
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