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business cycle featuring monopolistic competition, sticky prices in product markets, capital accumulation, government purchases financed by lump-sum or distortionary taxes, and with or without a transactional demand for money.
t], an increase in government expenditure financed through seigniorage generates relatively less (more) distortionary effects on growth.
We assume two types of taxes: a fixed level of distortionary taxes (in terms of rotes), which include taxes falling on capital income, and time-varying head taxes or subsidies (which are equivalent to generation-specific lump-sum taxes or subsidies) that are chosen to optimize the dictator's intergenerational objective function.
On the other hand, the monetary effect will be small when inflation is not very distortionary, and that requires an inelastic money demand.
Focusing on the observable outcomes of war-related research, however, neglects the unseen, distortionary effects of that research on the disciplines funded and influenced by government for national security purposes.
Here, again using lagged values, the coefficient on distortionary taxation is larger depending on the exact specification chosen.
By construction, therefore, capital taxation is distortionary, whereas public capital is acquired in a lump-sum manner.
The term recycling policy refers to revenue recycling, that is, using new revenues from environment-related taxes to decrease pre-existing distortionary taxes.
As currency manipulation has begun fading from the global conversation on distortionary tactics, it is time to hold China accountable for the other major infractions it is guilty of perpetrating to unfairly gain market share.
Attacks like that can only work in a world where people don't understand the distortionary power of tax incentives.
Venezuela is trapped in a vicious cycle of distortionary interventions, weak policy frameworks, and economic and social deterioration.
We examine the impact of increases in distortionary taxes and reductions in government expenditures on the macroeconomy in both the short and long run.