Dynamic effects of anticipated and temporary tax changes in a R&D-Based growth model

Takao, Kizuku

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論文情報

タイトル	Dynamic effects of anticipated and temporary tax changes in a R&D-Based growth model
著者	Takao, Kizuku Takao, Kizuku
キーワード等	Fiscal policy
	R&D
	Economic growth
抄録	Tax changes are often announced before the implementations and are not perma-nent but only temporary. R&D firms will optimally adjust their investment decision to a tax schedule accordingly. This paper analyzes how anticipated and temporary tax changes dynamically affect the innovation actiavities. For the purpose, we con- sider adjustment costs for the investment process and allow firms to make a forward looking investment decision in the framework of an R&D-based endogenous growth model. Calibrating the model with U.S. data, we obtain new insights on how to design the corporate taxation policy. A dividend tax cut is not an effective policy instrument irrespective of how it is implemented. On the other hand, a capital gains tax cut and a rise of the R&D tax credit rate are an effective policy instrument ir- respective of how they are implemented. However, the implementation lags of these tax changes worsen the effectiveness of them.
掲載誌名	Discussion Papers In Economics And Business
巻	14-10
開始ページ	1
終了ページ	40
刊行年月	2014-02
URL	http://hdl.handle.net/11094/26930
関連情報 (references)	http://www2.econ.osaka-u.ac.jp/library/global/dp/1410.pdf
言語	英語
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Discussion Papers In Economics And Business

著者版フラグ	none
NII資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
dcmi資源タイプ	text
DCTERMS.bibliographicCitation	Discussion Papers In Economics And Business.14-10 P.1-P.40
DC.title	Dynamic effects of anticipated and temporary tax changes in a R&D-Based growth model
DC.creator	Takao, Kizuku
DC.language" scheme="DCTERMS.RFC1766	英語
DCTERMS.issued" scheme="DCTERMS.W3CDTF	2014-02
DC.identifier" scheme="DCTERMS.URI	http://hdl.handle.net/11094/26930
DC.subject	Fiscal policy
	R&D
	Economic growth
DCTERMS.abstract	Tax changes are often announced before the implementations and are not perma-nent but only temporary. R&D firms will optimally adjust their investment decision to a tax schedule accordingly. This paper analyzes how anticipated and temporary tax changes dynamically affect the innovation actiavities. For the purpose, we con- sider adjustment costs for the investment process and allow firms to make a forward looking investment decision in the framework of an R&D-based endogenous growth model. Calibrating the model with U.S. data, we obtain new insights on how to design the corporate taxation policy. A dividend tax cut is not an effective policy instrument irrespective of how it is implemented. On the other hand, a capital gains tax cut and a rise of the R&D tax credit rate are an effective policy instrument ir- respective of how they are implemented. However, the implementation lags of these tax changes worsen the effectiveness of them.
citation_title	Dynamic effects of anticipated and temporary tax changes in a R&D-Based growth model
citation_author	Takao, Kizuku
citation_language	英語
citation_date	2014-02
citation_journal_title	Discussion Papers In Economics And Business
citation_volume	14-10
citation_firstpage	1
citation_lastpage	40
citation_public_url	http://hdl.handle.net/11094/26930
citation_keywords	Fiscal policy
	R&D
	Economic growth

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