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Taxes, the Speed of Convergence, and Implications for WelfareEffects of Fiscal Policy

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  • Benjamin Russo

    () (Economics Department, Belk College of Business Administration, University of North Carolina)

Abstract

Previous studies suggest that income taxes do not affect the convergence speed in neoclassical and new growth models. Those studies use very simple tax structures. This paper shows that a relation between taxes and convergence speed emerges if tax benefits are included in standard macroeconomic models. A welfare example suggests that the economic impact could be large even if the absolute size of the effect of taxes on convergence speed is small.

Suggested Citation

  • Benjamin Russo, 2002. "Taxes, the Speed of Convergence, and Implications for WelfareEffects of Fiscal Policy," Southern Economic Journal, Southern Economic Association, vol. 69(2), pages 444-456, October.
  • Handle: RePEc:sej:ancoec:v:69:2:y:2002:p:444-456
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    Cited by:

    1. Censolo, Roberto & Colombo, Caterina, 2008. "Public consumption composition in a growing economy," Journal of Macroeconomics, Elsevier, vol. 30(4), pages 1479-1495, December.
    2. Donadelli, Michael & J├╝ppner, Marcus & Prosperi, Lorenzo, 2019. "Risk weighting, private lending and macroeconomic dynamics," Discussion Papers 30/2019, Deutsche Bundesbank.
    3. repec:kap:itaxpf:v:25:y:2018:i:2:d:10.1007_s10797-017-9454-3 is not listed on IDEAS
    4. Russo, Benjamin & Gandar, John M., 2003. "Interest-sensitive wealth and the life-cycle hypothesis: implications for fiscal policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(3), pages 418-432.

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