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- Title
The Efficiency of Capital Allocation.
- Authors
Jorgenson, Dale W.; Kun-Young Yun
- Abstract
In this paper we present an intertemporal general equilibrium model of the U.S. economy. The purpose of this model is to analyze the efficiency of capital allocation. We have implemented our model econometrically for annual data covering the period 1955-80. The model encompasses the critical features of U.S. tax laws applicable to income from capital. Equilibrium is determined by market clearing conditions for consumption and investment goods and for capital and labor services in each time period. Under perfect foresight, there exists a unique balanced growth equilibrium corresponding to any stationary tax policy.
- Subjects
UNITED States; UNITED States economy; ECONOMETRIC models; ECONOMIC equilibrium; TAX laws
- Publication
Scandinavian Journal of Economics, 1986, Vol 88, Issue 1, p85
- ISSN
0347-0520
- Publication type
Article
- DOI
10.2307/3440276