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Taxation and the Taylor principle

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Edge, Rochelle Mary, 1971- and Rudd, Jeremy Bay, 1970-

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Joint commitee on business and financial analysis

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We add a nominal tax system to a sticky-price monetary business cycle model. When nominal interest income is taxed, the coefficient on inflation in a Taylor-type monetary policy rule must be significantly larger than one in order for the model economy to have a determinate rational expectations equilibrium. When depreciation is treated as a charge against taxable income, an even larger weight on inflation is required in the Taylor rule in order to obtain a determinate and stable equilibrium. These results have obvious implications for assessing the historical conduct of monetary policy.

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Monetary policy, Business cycle, Cycle, Interest, Inflation, Policy, Prices, Monetary, Rational expectation, and Tax

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E43 - Money and interest rates - Determination of interest rates ; Term structure of interest rates, E31 - Prices, business fluctuations, and cycles - Price level ; Inflation ; Deflation, E12 - General aggregative models - Keynes ; Keynesian ; Post-Keynesian, and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles
Neoclassical analysis of Britain's interwar depression, a

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Cole, Harold Linh, 1957- and Ohanian, Lee E.

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Great depressions of the twentieth century

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Great Britain, United Kingdom, Unemployment, Employment, Depression, England, and Monetary

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N14 - Macroeconomics and monetary economics ; Growth and fluctuations - Europe : 1913-, E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital, E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles, and E65 - Macroeconomic policy, macroeconomic aspects of public finance, and general outlook - Studies of particular policy episodes