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Price stability: Some costs and benefits in New Zealand

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  • Leo Bonato

Abstract

Tax systems based on nominal income are non-neutral to inflation. This paper evaluates the welfare effects of these non-neutralities in New Zealand. By using a stylised model of the New Zealand tax system, the paper calculates marginal effective tax rates for different values of the inflation rate. Following Feldstein (1997a, 1997b), the paper then estimates the welfare effects of going from 2 percent 'true' inflation to price stability. The results are supportive of price stability, but they are not robust to all plausible values of some key parameters.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal New Zealand Economic Papers.

Volume (Year): 33 (1999)
Issue (Month): 1 ()
Pages: 27-49

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Handle: RePEc:taf:nzecpp:v:33:y:1999:i:1:p:27-49

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Web page: http://www.tandfonline.com/RNZP20

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Cited by:
  1. Leo Bonato, 1998. "The benefits of price stability: some estimates for New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 61, September.
  2. Monika Blaszkiewicz & Jerzy Konieczny & Anna Myslinska & Przemyslaw Wozniak, 2003. "Some Benefits of Reducing Inflation in Transition Economies," CASE Network Studies and Analyses 0251, CASE-Center for Social and Economic Research.
  3. Anne-Marie Brook & Özer Karagedikli & Dean Scrimgeour, 2002. "An optimal inflation target for New Zealand: lessons from the literature," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 65, September.

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