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Simulating the Dynamic Macroeconomic and Microeconomic Effects of the FairTax1

  • Sabine Jokisch

    ()

    (Centre for European Economic Research)

  • Laurence J. Kotlikoff

    ()

    (Department of Economics, Boston University and NBER)

America's aging coupled with high and growing old age health and pension benefits augers for much higher payroll taxes, with damaging effects on the U.S. economy. This prognosis is supported by our analysis of a detailed dynamic life-cycle general equilibrium model. The FairTax, which proposes to replace the federal payroll, personal income, corporate income, and estate tax with a progressive consumption tax, offers a potential alternative to this dismal economic future. According to our simulation model, these policy changes would lead to major improvements in the U.S. capital stock, long-run real wages and the wellbeing of the majority of Americans.

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Paper provided by Boston University - Department of Economics in its series Boston University - Department of Economics - Working Papers Series with number WP2007-026.

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Length: 36pages
Date of creation: Apr 2007
Date of revision:
Handle: RePEc:bos:wpaper:wp2007-026
Contact details of provider: Postal: 270 Bay State Road, Boston, MA 02215
Phone: 617-353-4389
Fax: 617-353-4449
Web page: http://www.bu.edu/econ/

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  1. John List & Matti Liski, 2005. "Introduction," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 31(2), pages 121-121, 06.
  2. Bazzoli, Gloria J., 1985. "Does educational indebtedness affect physician specialty choice?," Journal of Health Economics, Elsevier, vol. 4(1), pages 1-19, March.
  3. Iversen, Tor, 2009. "A study of income-motivated behavior among general practitioners in the Norwegian list patient system," HERO On line Working Paper Series 2005:8, Oslo University, Health Economics Research Programme.
  4. James Tobin, 1956. "Estimation of Relationships for Limited Dependent Variables," Cowles Foundation Discussion Papers 3R, Cowles Foundation for Research in Economics, Yale University.
  5. Marc Fox, 2003. "Medical student indebtedness and the propensity to enter academic medicine," Health Economics, John Wiley & Sons, Ltd., vol. 12(2), pages 101-112.
  6. James Thornton, 2000. "Physician choice of medical specialty: do economic incentives matter?," Applied Economics, Taylor & Francis Journals, vol. 32(11), pages 1419-1428.
  7. Culler, Steven D. & Bazzoli, Gloria J., 1985. "The moonlighting decisions of resident physicians," Journal of Health Economics, Elsevier, vol. 4(3), pages 283-292, September.
  8. repec:cup:cbooks:9780521848053 is not listed on IDEAS
  9. Moffitt, Robert A., 1999. "New developments in econometric methods for labor market analysis," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 24, pages 1367-1397 Elsevier.
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