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Why is the shape of the Laffer curve for consumption tax different from that for labor income tax?
Kazuki Hiraga,Kengo Nutahara 한국재정학회(구 한국재정·공공경제학회) 2019 한국재정학회 학술대회 논문집 Vol.2019 No.4
It is well known that the equivalence between consumption and labor income taxes holds. However, recent macroeconomic studies on the Laffer curves (tax revenue curves) that use dynamic general equilibrium models find that the Laffer curve for consumption tax might not be hump-shaped, but monotonically increas-ing, whereas that for labor income tax is hump-shaped. This study investigates the cause of the difference in the shapes of the two Laffer curves by decomposing the effects of an increase in a tax rate on the tax base into two parts: (i) the effects on the relative price of leisure (RPL), and (ii) the substitution and income effects. It is shown that the first effect with respect to the consumption tax rate is completely different from that with respect to the labor income tax rate; meanwhile, the second effect is common among the taxes and depends on the functional form of the util-ity. The elasticity of the RPL from an increasing consumption tax rate is at most 1, whereas it can be infinity in the case of labor income tax.
Public Investment and Stock Price Returns: The Case of Japan
Tomomi Miyazaki,Kazuki Hiraga,Masafumi Kozuka 한국재정학회 2017 한국재정학회 학술대회 논문집 Vol.2017 No.-
This research examines the effects of public investment on stock price returns using the Japan’s cross-industry data. To do so, we calculate the impulse response function by local projection method. The empirical results show that public investment has a positive impact on stock price returns. We observe this mainly for manufacturing industries both in quarterly and annual data. However, the policy effects after the 1990s was not necessarily large enough to stimulate the economy. Our empirical evidence on the post high-growth era in Japan suggests that public investment has been partly useful to support the revitalization of stock market.