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Transition Losses of Partially Mobile Industry-Specific Capital

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  • Don Fullerton

Abstract

In estimating the economic effects of public policy, comparative static models typically assume homogenous factors that are either mobile or immobile. For changes designed to improve factor allocations, the former assumption would overstate welfare gains, while the latter would understate them. The model in this paper restricts each industry's capital reduction to its rate of depreciation. The stock of depreciated capital represents an industry-specific type of capital that may earn a lower equilibrium return. This model suggests that previous estimates of efficiency gains from integration of U. S. personal and corporate income taxes are overstated by $5 billion.

Suggested Citation

  • Don Fullerton, 1983. "Transition Losses of Partially Mobile Industry-Specific Capital," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 98(1), pages 107-125.
    • Handle: RePEc:oup:qjecon:v:98:y:1983:i:1:p:107-125.
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    1. Goulder, Lawrence H. & Summers, Lawrence H., 1989. "Tax policy, asset prices, and growth : A general equilibrium analysis," Journal of Public Economics, Elsevier, vol. 38(3), pages 265-296, April.
    2. Lawrence H. Goulder & John B. Shoven & John Whalley, 1982. "Domestic Tax Policy and the Foreign Sector: The Importance of Alternative Foreign Sector Formulations to Results from a General Equilibrium," NBER Working Papers 0919, National Bureau of Economic Research, Inc.
    3. MASSIANI, Jérôme, 2022. "Computable General Equilibrium assessment of mega-events: Issues and possible solutions," Journal of Policy Modeling, Elsevier, vol. 44(5), pages 920-942.
    4. Wing, Ian Sue, 2006. "The synthesis of bottom-up and top-down approaches to climate policy modeling: Electric power technologies and the cost of limiting US CO2 emissions," Energy Policy, Elsevier, vol. 34(18), pages 3847-3869, December.
    5. Athiphat Muthitacharoen & George R. Zodrow, 2012. "Revisiting the Excise Tax Effects of the Property Tax: Working Paper 2012-05," Working Papers 42926, Congressional Budget Office.
    6. Roland-Holst, David & Tarp, Finn & Huong, Pham Lan & Thanh, Vo Tri, 2003. "Dragon by the Tail, Dragon by the Head, Bilateralism and Globalism in East Asia," Conference papers 331086, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    7. Rae, Allan N. & Strutt, Anna, 2003. "Agricultural Trade Reform and Environmental Pollution from Livestock in OECD Countries," Conference papers 331139, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    8. Ian Sue Wing, 2005. "The Synthesis of Bottom-Up and Top-Down Approaches to Climate Policy Modeling: Electric Power Technologies and the Cost of Limiting U.S. CO2 Emissions," Computing in Economics and Finance 2005 21, Society for Computational Economics.

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