Quantifying optimal growth policy

1. Person: Grossmann, Volker
Weitere Personen: Steger, Thomas M.; Trimborn, Timo
Format: Online-Artikel
Sprache: English
Veröffentlicht: Institute for the Study of Labor (IZA) 2010
Serien: Diskussionsbeitrag
Schlagworte: Wachstumspolitik
Investitionspolitik
Forschungssubvention
Steuerbegünstigung
Körperschaftsteuer
Steuerwirkung
Optimales Wachstum
Endogener technischer Fortschritt
Theorie
USA
Growth policy
Investment policy
Research funding
Tax effects
Optimal growth
Endogenous growth model
Theory
United States
Online Zugang: https://www.econstor.eu/bitstream/10419/38919/1/630130604.pdf
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Details: The optimal mix of growth policies is derived within a comprehensive endogenous growth model. The analysis captures important elements of the tax-transfer system and takes into account transitional dynamics. Currently, for calculating corporate taxable income US firms are allowed to deduct approximately all of their capital and R&D costs from sales revenue. Our analysis suggests that this policy leads to severe underinvestment in both R&D and physical capital. We find that firms should be allowed to deduct between 2-2.5 times their R&D costs and about 1.5-1.7 times their capital costs. Implementing the optimal policy mix is likely to entail huge welfare gains.

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