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讲座预告|“经济学系列讲座”第23期 Socially optimal taxation, spending externalities, and endogenous growth in an infinite horizon

发布时间:2017-10-31    来源:

主讲人:张捷 新加坡国立大学经济系教授


主持:张中祥 天津大学马寅初经济学院院长、千人计划卓越教授、国家能源、环境和产业经济研究院院长


Jie Zhang has been a Professor in Department of Economics, National University of Singapore since 2008. He was a professor in University of Queensland from 2006-2008. His research interests are in macroeconomics, public economics, growth theory and health economics. He holds his Ph.D in economics from University of Western Ontario. His publications appear in Journal of Public Economics, Journal of Economic Dynamics and Control, Macroeconomic Dynamics, Canadian Journal of Economics, Journal of Money, Credit and Banking.


We investigate optimal taxation in an endogenous growth model with positional consumption and education spending externalities. Such externalities reinforce their negative effects on investment and education. Internalizing such externalities should tax income and consumption, subsidize investment at the capital-income tax rate, and subsidize education more highly than tax labor income and consumption. Optimal tax-subsidy rates are time-invariant and time-consistent unless government debt exceeds its steady-state ratio to output. Education subsidies or labor-income taxes have ambiguous effects on schooling time. Investment subsidies increase schooling. The result may explain why the U.S. has higher education attainment and productivity than the OECD average.

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