UNCERTAINTY AND THE TIMING OF TAXES
成果类型：
Article
署名作者：
DANIEL, BC
署名单位：
University of Osaka
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(93)90068-9
发表日期：
1993
页码：
95-114
关键词：
摘要：
This paper uses Blanchard's (1985) overlapping-generations model to study a current tax reduction followed by a future budget-balancing tax increase at an unknown date. Assuming that the rate of time preference equals the interest rate. the tax cut creates a trade deficit which grows before it eventually shrinks. With certainty regarding the timing of future taxes, the initial deficit immediately improves. The former path for the trade deficit is consistent with events in the United States following the 1981 tax cut.