Applied General Equilibrium Modelling by F. W. Rutten (auth.), Henk Don, Theo van de Klundert, Jarig

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By F. W. Rutten (auth.), Henk Don, Theo van de Klundert, Jarig van Sinderen (eds.)

Over the decade or so, utilized basic equilibrium versions have swiftly turn into a massive instrument for coverage suggestion on matters relating to allocation and potency, so much significantly taxes and price lists. This displays the facility of the final equilibrium method of allocative questions and the potential of modern utilized types to return up with practical solutions. besides the fact that, it in no way means that the theoretical, sensible and empirical difficulties confronted via researchers in utilized modelling have all been solved in a passable manner. quite, a promising box of study has been spread out, inviting theorists and practitioners to extra discover and make the most its power. The cutting-edge in utilized basic equilibrium modelling is mirrored during this quantity. The introductory bankruptcy (Part I) evaluates using monetary modelling to handle coverage questions, and discusses the benefits and drawbacks of utilized normal equilibrium versions. 3 sizeable concerns are handled in Chapters 2-8: Tax Reform and Capital (Part II), Intertemporal facets and expectancies (Part III), and Taxes and the Labour marketplace (Part IV). whereas all elements include effects appropriate for fiscal coverage, it's transparent that thought and functions for those parts are in numerous phases of improvement. we are hoping that this e-book will deliver notion, perception and data to researchers, scholars and coverage advisors.

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MODELING OF KEY FEATURES OF TAX REFORM FOR INCOME FROM CAPITAL Not included. Not included. ]orgensonYun ~ ;a til 0 Z tIl Z tl @ :< IV 00 TAX REFORM, CAPITAL ALLOCATION AND WELFARE GAINS IN NORWAY BY ERIK OFFERDAL· I INTRODUCTION The purpose of this paper is to analyse the impact on the Norwegian economy of a recently proposed tax reform. This is done by performing simulation experiments on a dynamic general equilibrium model, implemented for the Norwegian economy. The Norwegian tax system is characterized by a differential treatment of income from capital, both according to the type of asset and according to the legal form of organisation.

LNTERTEMPORAL AND OPEN ECONOMY FEATURES 49 boost income by 18 percent in the long run. However, these results overstated the welfare gains because they ignored the transition to a new steady-state path. Moreover, Summers's model failed to consider adjustment costs in capital accumulation and therefore yielded an excessively high general equilibrium elasticity of capital formation with respect to taxation. S. economy in which agents have static expectations and accumulation is mainly driven by aggregate saving (as opposed to investment).

Single period. Model of overlapping generations using perfect foresight expectations over multipIe periods available. but not used in this application. (1989). Elimination of the surtax ill the corporate sector in a 2-industry version of the modelGravelle and Kotlikoff ~ IV W q s: ;:tj c:l ~ >: '":;2 \0 00 Consumers Representative consumer allocates income across 3 domesticallyproduced and 2 foreignproduced goods, as well as saving, according to specified elasticities. Saving can occur through acquisition of domestic or foreign capital goods.

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