财政分权框架下的财政政策和货币政策

Money,Taxes,and Federal Transfer in an Endogenous Growth Model with Multiple Levels of Government

本文扩展了Barro( 1 990 )和Gong和Zou( 2 0 0 2 )的模型 ,讨论财政分权框架下的政府财政政策和货币政策 ,通过消费者行为、地方政府行为和中央政府行为之间Nash均衡解 ,得到了经济增长率和各参数的隐式关系 ,并且通过数值模拟得到经济增长率与各种税收以及政府间转移支付的关系。我们发现经济增长率和收入税的关系是Laffer曲线 ,消费税对经济增长的影响是正的 ,财产税对经济增长的影响是负的。至于货币政策的影响 ,我们发现货币不再是超中性的了 ,供应量增加可以促进经济增长 ,而且经济中的货币的流通程度越高 ,经济增长率越高。最后 ,本文还讨论了多级地方政府的情况 ,分析了不同税收制度的地区对整个经济增长的不同影响。

This paper extends Barro (1990) model and Gong and Zou(2002)model.It presents a standard,dynamic,endogenous growth model with cash-in-advance constraint and multiple levels of government.Tax on income,consumption,and capital are needed to finance an exogenous stream of governments' expenditures.The model deals with Nash Equilibrium and examines effects of federal taxes,local taxes,money creation,degree of liquidity,and federal transfer on growth rate.It also discusses growth-maximizing and welfare-maximizing choices of taxes,money creation and federal transfer.In general,money creation can stimulate the economy to grow slightly.And the higher is the degree of liquidity,the higher is the growth rate.Although different taxes have different effects,local wealth tax distorts the economy most severely among all taxes.Next we extend the model to the case with multiple private agents,multiple local governments,and the fedeal government.