Synopsis
This book uses data from the United Kingdom and the United States to explore the effects of changing tax policy by comparing real-world instances of tax reforms from 1948 through 1984. The author constructs a particular tax-rate variable to differentiate between direct and indirect taxes. The author challenges the common economic perception that when prices are in equilibrium, a tax change's impact will not vary based on which side of the market it is levied upon. Instead, the author presents a concept of sticky prices, where time is required for the market to reach a new equilibrium. Using a time-series of tax reforms, the author finds strong evidence of the significance of tax revenue source and measures of the short and long-term economic effects of tax changes on prices, wages, and output.
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About the Author
James M. Poterba is Mitsui Professor in the Department of Economics at MIT. He has been Director of the NBER Public Economics Research Program since 1991 and has edited volumes 6-20 of "Tax Policy and the Economy".
Julio Rotemberg is the William Ziegler Professor of Business Administration at the Harvard Business School and a Research Associate of the National Bureau of Economic Research.
Lawrence Summers is Charles W. Eliot University Professor and President Emeritus as Harvard University.
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A Tax-Based Test for Nominal Rigidities (Classic Reprint)
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Paperback. Condition: New. Print on Demand. This book uses data from the United Kingdom and the United States to explore the effects of changing tax policy by comparing real-world instances of tax reforms from 1948 through 1984. The author constructs a particular tax-rate variable to differentiate between direct and indirect taxes. The author challenges the common economic perception that when prices are in equilibrium, a tax change's impact will not vary based on which side of the market it is levied upon. Instead, the author presents a concept of sticky prices, where time is required for the market to reach a new equilibrium. Using a time-series of tax reforms, the author finds strong evidence of the significance of tax revenue source and measures of the short and long-term economic effects of tax changes on prices, wages, and output. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781332283989_0
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