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Tax Policy, the Macroeconomy, and Intergenerational Distribution Ben J. Heijdra and Jenny E. Ligthart Full Text of this Article (PDF 103K) Abstract: The paper studies the dynamic macroeconomic and welfare effects of tax policy in the context of an overlapping-generations model of the Yaari-Blanchard type for a closed economy. The model is extended to allow for endogenous labor supply and three tax instruments—namely, a capital tax, labor income tax, and consumption tax. It is shown that labor taxes increase welfare of old generations whereas capital and consumption taxes reduce their welfare. [JEL D60, H23, H63] © 2002 International Monetary Fund |
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