税制结构和经济增长外文翻译.docVIP

外文翻译 原文 Tax structure and economic growth Material Source: /advanced/suggestedreadings/PDF/sug334.pdf Author: Young Leea,*, Roger H. Gordonb 2 Taxes and economic growth: theory Past research has enumerated a wide variety of ways in which the tax structure can affect observed economic growth rates. In this section,we summarize these effects, focusing in turn on particular subsets of this literature. Since the objective here is to motivate the empirical work, we focus on those effects that can be measured given the limited information we have about tax structures in a large panel data set of countries. 2.1 Taxes and factor accumulation In a neoclassical setting, growth simply depends on the accumulation of physical and human capital. In the long-run, any given tax structure generates an equilibrium capital/labor ratio and an equilibrium level of education per worker. Any further growth in per-capita output simply arises from an exogenous rate of technical change. There should be no permanent effects of the tax structure on the growth rate in per capita output, regardless of the size of the misallocations generated by the tax structure. Changes in tax policy, however, can generate changes in these equilibrium values, generating transitory growth effects. These transition periods can be measured in decades, however. An increase in the years of education chosen by new entrants to the labor force, for example, will have fully changed the average education for the labor force as a whole only after the first entrants following the policy change have reached retirement age. Tax effects on the equilibrium capital stock can also take some period of time to be felt, due to adjustment costs to new investment in an open economy or due to the limited elasticity of savings rates in a closed economy. What changes in tax policy then generate such increases in investment in physical and human capital? As seen in Hall and Jorgenson (1967) and much subsequent literature on