Second-best pollution taxes: an analytical framework and some new results

Article Abstract:

An optimal tax framework was proposed to relate the second-best optimal tax on polluting consumption goods with the Pigovian tax. Analysis of the proposed framework shows that the relationship of the two taxes is dependent on the gross-sustainability between labor and polluting consumption or clean and polluting consumption. It was found that the optimal dirt tax surpasses the Pigovian tax when there is gross substitutability.

Taxes NEC, Research, Analysis, Taxation, Economic aspects, Tax research, Pollution, Consumer goods, Substitution (Economics)

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A Model of Balance-of-Payments Crises due to External Shocks: Monetary vs. Fiscal Approaches

Article Abstract:

The model shows that if a monetary authority acts first to impose an exogenous constraint upon a fiscal authority, an external shock can prompt a balance-of-payment crisis. However, if a fiscal authority acts first to impose an exogenous constraint upon a monetary authority, an external shock will not produce such a crisis.

Administration of General Economic Programs, Balance of Payments, Management dynamics, Fiscal Policy, Balance of Payments Policy, Models, Management, Causes of, Comparative analysis, Monetary policy, Company business management, Econometric models, Financial crises

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