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|z 9781513545868
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|a 1018-5941
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|a Fotiou, Alexandra.
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|a The Fiscal State-Dependent Effects of Capital Income Tax Cuts /
|c Alexandra Fotiou, Wenyi Shen, Shu-Chun Susan Yang.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2020.
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|a 1 online resource (54 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Using the post-WWII data of U.S. federal corporate income tax changes, within a Smooth Transition VAR, this paper finds that the output effect of capital income tax cuts is government debt-dependent: it is less expansionary when debt is high than when it is low. To explore the mechanisms that can drive this fiscal state-dependent tax effect, the paper uses a DSGE model with regime-switching fiscal policy and finds that a capital income tax cut is stimulative to the extent that it is unlikely to result in a future fiscal adjustment. As government debt increases to a sufficiently high level, the probability of future fiscal adjustments starts rising, and the expansionary effects of a capital income tax cut can diminish substantially, whether the expected adjustments are through a policy reversal or a consumption tax increase. Also, a capital income tax cut need not always have large revenue feedback effects as suggested in the literature.
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|a Mode of access: Internet
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|a Shen, Wenyi.
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|a Susan Yang, Shu-Chun.
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|a IMF Working Papers; Working Paper ;
|v No. 2020/071
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2020/071/001.2020.issue-071-en.xml
|z IMF e-Library
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