Business Cycle Dynamics of a New Keynesian Overlapping Generations Model with Progressive Income Taxation



money balances (24), and from the Calvo price staggering model:

кt+ (δ - 1)кt = (y/k)yt (c/k)ct,                 (44a)

c:     Â   τ°τ ' + τ "дУ^

Etλt+1 - ^t - βr —:----E—Etπt+1

1 — τ '

-βrτ "gyEtgt+1

= βrτ"gyEtyt +1 - βr(1 - τ' ) Etrt +1,

(44b)

( β∕π ) Etλ t+1 — λ t 1 Etπ t+1 + ∆2 Etrn t+1 = 3 EtC t +1,                     (44c)

Etrn t+1 — m t + π t = θ t,                               (44d)

βEtπ t+1 — ∏ t + (1 Ф )(1 βφ ) g t = 0,                                (44e)

φ

1 + (1 (β π))[(1 — Y)(1 σ) 1] =: δ1 ,

1 - 1 =: ∆2,

(1 (β^π))Y(1 σ) =: δ3

33



More intriguing information

1. The name is absent
2. The name is absent
3. The name is absent
4. Evaluating the Impact of Health Programmes
5. The name is absent
6. New Evidence on the Puzzles. Results from Agnostic Identification on Monetary Policy and Exchange Rates.
7. The name is absent
8. Peer Reviewed, Open Access, Free
9. PRIORITIES IN THE CHANGING WORLD OF AGRICULTURE
10. Name Strategy: Its Existence and Implications