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Giovanni Ganelli and Juha Tervala - page 4 / 32

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Contents

Page

I. Introduction ............................................................................................................................3

  • II.

    The Model .............................................................................................................................6

    • A.

      Households................................................................................................................6

    • B.

      The Government........................................................................................................8

    • C.

      Firms..........................................................................................................................9

    • D.

      The Initial Steady State...........................................................................................10

  • III.

    Parameterization ................................................................................................................10

  • IV.

    The Domestic and International Effects of a Cut in the Income Tax Rate........................11

    • A.

      The Impact on the Domestic Economy...................................................................13

    • B.

      The International Effects.........................................................................................16

  • V.

    Consumption Tax Cuts........................................................................................................18

  • VI.

    A Revenue Neutral Tax Reform........................................................................................21

  • VII.

    Sensitivity Analysis..........................................................................................................23

  • VII.

    Conclusions ......................................................................................................................25

Appendix..................................................................................................................................27

References................................................................................................................................28

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