Indeterminacy and stabilization policy
成果类型：
Article
署名作者：
Guo, JT; Lansing, KJ
署名单位：
University of California System; University of California Riverside; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2446
发表日期：
1998
页码：
481-490
关键词：
摘要：
It has been shown that a one-sector real business cycle model with sufficient increasing returns in production may possess an indeterminate steady state that can be exploited to generate business cycles driven by animal spirits of agents. This paper shows how an income tax schedule that exhibits a progressivity Feature can ensure saddle path stability in such a framework and thereby stabilize the economy against sunspot fluctuations. Conversely, an economy with a flat or regressive tax schedule is more susceptible to indeterminacy. (C) 1998 Academic Press.
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