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- W4309221343 abstract "Abstract We extend Stiglitz (1982) to a dynamic and stochastic optimal taxation model, while assessing the effects of exogenous wage regulations. We show that when wage regulations are imposed, consumption inequality rises more than when they are removed. The results lead to an important policy implication that in the face of exogenous wage regulations, the social planner who can design optimal tax schedule prefers to widen the consumption inequality. In this regard, the desire to improve the production efficiency is stronger than the motive for redistribution. A conventional wisdom that full employment commitment and minimum wage legislation should serve as a buffer for the minority may not be taken for granted. In the qualitative analysis, we find that as wage regulations tighten, the lower bound of the marginal tax rate on capital rises. Our quantitative result validates that, showing that the marginal tax rate on capital increases to varying degrees in response to wage requirements of varying tightness. JEL Classifications: C61; D82; H21; J31" @default.
- W4309221343 created "2022-11-24" @default.
- W4309221343 creator A5041350459 @default.
- W4309221343 date "2022-11-15" @default.
- W4309221343 modified "2023-09-27" @default.
- W4309221343 title "Optimal Dynamic Nonlinear Income Taxation with Wage Regulations" @default.
- W4309221343 doi "https://doi.org/10.21203/rs.3.rs-2261378/v1" @default.
- W4309221343 hasPublicationYear "2022" @default.
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