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Página 567
We first solve for the share of labor ( and capital ) devoted to in- vestment goods production : ( 12 ) r + 8 - 8T'K 1- T'K Κα α- 1 ( 1 + T1 ) = L ( 9 ) LIL = - ( g + 8 ) α ( 1 T'K ) ( 1 + 7 } ) [ ( 1 + g ) 1 / ß − 1 + 8 ( 1 − 7k ) ...
We first solve for the share of labor ( and capital ) devoted to in- vestment goods production : ( 12 ) r + 8 - 8T'K 1- T'K Κα α- 1 ( 1 + T1 ) = L ( 9 ) LIL = - ( g + 8 ) α ( 1 T'K ) ( 1 + 7 } ) [ ( 1 + g ) 1 / ß − 1 + 8 ( 1 − 7k ) ...
Página 568
In contrast , a higher capital income tax rate does not affect the relative price of investment and therefore has the same ( negative ) effect on in- vestment rates at domestic and international prices . How can we determine whether the ...
In contrast , a higher capital income tax rate does not affect the relative price of investment and therefore has the same ( negative ) effect on in- vestment rates at domestic and international prices . How can we determine whether the ...
Página 589
As in CEE ( 2005 ) , a higher elasticity of the cost of adjusting capital reduces the sensitivity of investment ( i , ) to 3 This latter effect makes this shock different from a discount factor shock ( as in Smets and Wouters 2003 ) ...
As in CEE ( 2005 ) , a higher elasticity of the cost of adjusting capital reduces the sensitivity of investment ( i , ) to 3 This latter effect makes this shock different from a discount factor shock ( as in Smets and Wouters 2003 ) ...
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