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Por favor, use este identificador para citar o enlazar a este item: http://hdl.handle.net/10261/1914
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Income Taxation with Habit Formation and Consumption Externalities

AutorAlonso Carrera, Jaime; Raurich, Xavier; Caballé, Jordi
Palabras claveHabit Formation
Consumption Externalities
Optimal Taxation
Fecha de publicación3-oct-2001
SerieUFAE and IAE Working Papers
496.01
ResumenWe analyze the dynamic behavior and the welfare properties of the equilibrium path of a growth model where both habits and consumption externalities affect the utility of consumers. We discuss the effects of flat rate income taxes and characterize the optimal income taxation policy. We show that, when consumption externalities and habit adjusted consumption are not perfect substitutes, a counter-cyclical income tax rate allows the competitive equilibrium to replicate the efficient path. Our analysis highlights the crucial role played by complementarities between externalities and habits in order to generate an inefficient dynamic equilibrium.
URIhttp://hdl.handle.net/10261/1914
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