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



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