一般注記This paper reexamines the problem of long-run tax incidence by using a two-sector growth model in which finitely-lived individuals undertake intertemporal optimizing decisions in the presence of annuity markets. Under a constant relative risk aversion utility function, none of the selective taxes imposed on the consumption goods sector are neutral with respect to the long-run wage/profit ratio even if labor supply is fixed. This result differs significantly both from that of the infinite horizon model and of Summers' life cycle, overlapping generations model. Neutrality emerges if and only if the birth rate is equal to zero. The larger is the birth rate, the weaker is the intertemporal substitution effect. Without annuity markets, neutrality arises again if and only if the birth rate equals the death rate.
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連携機関・データベース国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
提供元機関・データベース小樽商科大学 : 小樽商科大学学術成果コレクション