{"product_id":"finance-and-economics-discussion-series-welfare-effects-of-tax-policy-in-open-economies-stabilization-and-cooperation-1288713878","title":"Finance and Economics Discussion Series: Welfare Effects of Tax Policy in Open Economies: Stabilization and Cooperation","description":"\u003cp\u003e\u003cstrong\u003eISBN:\u003c\/strong\u003e 1288713878\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eAuthor:\u003c\/strong\u003e Kim, Jinill\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eCondition:\u003c\/strong\u003e New\u003c\/p\u003e\u003cp\u003eThis paper studies an international tax policy design problem by employing a two-country dynamic general equilibrium model with incomplete asset markets. We investigate the possibility of welfareimproving active tax policies, in particular capital and labor income tax, under the non-cooperative Nash equilibrium and the cooperative equilibrium. Unlike the conventional wisdom regarding stabilization policies, optimal tax policies in our economy are procyclical. Relative to the non-cooperative setting, international tax policy cooperation requires more active tax policies (about two times) and generates large extra welfare gains (by about a third).\u003c\/p\u003e","brand":"Mia Karts","offers":[{"title":"Default Title","offer_id":51960846614816,"sku":"NEW1288713878","price":18.9,"currency_code":"USD","in_stock":true}],"url":"https:\/\/miakarts.com\/products\/finance-and-economics-discussion-series-welfare-effects-of-tax-policy-in-open-economies-stabilization-and-cooperation-1288713878","provider":"Miakarts Books","version":"1.0","type":"link"}