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Fiscal policy, government debt, and economic growth in the Kaleckian model of growth and distribution

机译:Kaleckian增长和分配模型中的财政政策,政府债务和经济增长

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This article presents the Kaleckian model of growth and distribution that sets a budget deficit ratio as an indicator of fiscal policy and examines the short- and long-run effects of an increase in budget deficits and a rise in income tax rates on the economy. The key short-run outcomes are as follows. First, expanded budget deficits have a positive effect on the rate of capacity utilization. Second, the tax rate for wage income does not affect the rate of capacity utilization, whereas the tax rate for capital income has a favorable impact on it. This result implies that raising the tax rate for capital income can be an important policy instrument for stimulating the economy. Third, we find that the economy exhibits a wage-led aggregate demand in the short run. The main long-run results are as follows. First, the effect of expanded budget deficits on the growth rate is ambiguous, since a higher debt burden negatively influences the rate of capacity utilization and hence economic growth, despite the increase in demand caused by government borrowing. A higher budget deficit ratio thus raises the growth rate only if a certain condition is satisfied. Second, the tax rate for capital income has a positive impact on the growth rate. Third, the economy shows a wage-led growth in the long run.
机译:本文介绍了Kaleckian的增长和分配模型,该模型将预算赤字比率设置为财政政策的指标,并研究了预算赤字增加和所得税率上升对经济的短期和长期影响。关键的短期结果如下。首先,预算赤字扩大对产能利用率产生积极影响。其次,工资收入税率不影响产能利用率,而资本收入税率对其产生有利影响。这一结果表明,提高资本收入税率可能是刺激经济的重要政策工具。第三,我们发现经济在短期内表现出以工资为主导的总需求。主要的长期结果如下。首先,预算赤字扩大对增长率的影响是模棱两可的,因为较高的债务负担对产能利用率和经济增长产生了负面影响,尽管政府借贷导致需求增加。因此,只有在满足特定条件的情况下,更高的预算赤字比率才能提高增长率。第二,资本收入税率对增长率具有积极影响。第三,从长期来看,经济表现出以工资为主导的增长。

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