Assessing the Dynamic Efficiency Gains of Tax Reform when Human Capital is Endogenous
构建了一个包含内生人力资本积累和可变闲暇的生命周期增长模型，模拟从所得税转向消费税的动态等收益变化，发现内生人力资本对一般均衡福利影响不大，部分归因于资本存量的过渡刚性。
This paper develops a life-cycle growth model with endogenous human capital accumulation and variable leisure, which is employed to simulate dynamic equal-yield changes from an income tax to a consumption tax. Although endogenizing human capital investment decisions raises partial-equilibrium estimates of the efficiency costs of capital income taxation, general-equilibrium welfare impacts of unanticipated tax changes are little affected by the inclusion of endogenous human capital. This finding cannot be fully explained by the presence of general-equilibrium adjustments in factor prices and can be attributed in part to the existence of transitional rigidities in capital stocks. Copyright 1995 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.