Artikel
Optimal fiscal policy in a model with efficiency wages: the case of Bulgaria
Purpose: This paper aims to explore the effects of fiscal policy in an economy with efficiency wages, consumption taxes and a common income tax rate. Design/methodology/approach: A dynamic general-equilibrium model with the government sector is calibrated to Bulgarian data (1999–2018). Two regimes are compared and contrasted – the exogenous (observed) vs optimal policy (Ramsey) case. Findings: The main findings are as follows: (1) The optimal steady-state income tax rate is zero. (2) The benevolent Ramsey planner provides three times lower amount of the utility-enhancing public services. (3) The optimal steady-state consumption tax needed to finance the optimal level of government spending is 18.7%. Originality/value: The focus of the paper is on the relative importance of consumption vs income taxation, as well as on the provision of utility-enhancing public services. Bulgarian economy was chosen as a case study due to its major dependence on consumption taxation as a source of tax revenue. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2021-0488 .
- Sprache
-
Englisch
- Erschienen in
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Journal: International Journal of Social Economics ; ISSN: 0306-8293 ; Volume: ahead-of-print ; Year: 2022 ; Bingley: Emerald
- Klassifikation
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Wirtschaft
Business Fluctuations; Cycles
- Thema
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Ramsey policies
Efficiency wages
Unemployment
Bulgaria
- Ereignis
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Geistige Schöpfung
- (wer)
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Vasilev, Aleksandar
- Ereignis
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Veröffentlichung
- (wer)
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Emerald
ZBW – Leibniz Information Centre for Economics
- (wo)
-
Bingley
- (wann)
-
2022
- DOI
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doi:10.1108/IJSE-08-2021-0488
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Vasilev, Aleksandar
- Emerald
- ZBW – Leibniz Information Centre for Economics
Entstanden
- 2022
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