Essays on taxes and consumption
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Tipo de documento: | Tese |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/33558 |
Resumo: | This thesis consists of three independent essays in applied microeconomics. The first paper estimates the marginal social welfare functions for Brazil using two functional forms for the agents preferences: quasi-linear in consumption and isoelastic in consumption and in labor. We use a dual approach of the standard optimal income tax model, the logic is inverted, we estimate a social welfare function that makes optimal the actual marginal tax rate schedule. Finally, we check if the revealed social preferences satisfies the conditions of the model, so the inversion is well behaved. We find that with quasi-linear utilities, the revealed social preferences are not decreasing for some values of productivity. When we introduce income effects, we introduce curvature in the utility for consumption and then the revealed social preferences are well behaved and Paretian. The second paper evaluates the welfare consequences of replacing the Brazilian current joint tax system in which spouses’ incomes are added to calculate taxable income with one for which spouses’ incomes are averaged to determine taxable income. In Brazil, spouses have the option to file individually or jointly. We find that a reform in the Brazilian current joint tax system is welfare-improving. Changing to an income tax system in which spouses’ earnings are averaged to determine taxable income increases the social welfare of the economy. The final paper investigates consumption behavior and optimality using microdata available from the Consumer Expenditure Survey. With a longer and more recent sample, we confirm the life cycle and time series patterns found by Attanasio and Weber (1995) for the United States through a synthetic panel and cohort analysis. Furthermore, we follow their approach of modeling the Euler equation with demographic and labor supply variables, but relaxing the implicit assumption that consumers use only one asset to smooth consumption over time. We do so by aggregating returns and using Mulligan and Threinen (2010) measure of return to aggregate capital to test the life cycle-permanent income hypothesis. Our results provide further evidence in favor of the theory and show that ignoring the portfolio optimization of households may overestimate the Elasticity of Intertemporal Substitution. |
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Matos, Mariana MilhomemEscolas::EPGEIssler, João VictorFranco Neto, Afonso Arinos de MelloAlves, Katia Aiko NishiyamaAlves, Cassiano Breno MachadoBarbosa, Ana Luiza Neves de HolandaCosta, Carlos Eugênio Ellery Lustosa da2023-04-17T18:27:19Z2023-04-17T18:27:19Z2022-09-27https://hdl.handle.net/10438/33558This thesis consists of three independent essays in applied microeconomics. The first paper estimates the marginal social welfare functions for Brazil using two functional forms for the agents preferences: quasi-linear in consumption and isoelastic in consumption and in labor. We use a dual approach of the standard optimal income tax model, the logic is inverted, we estimate a social welfare function that makes optimal the actual marginal tax rate schedule. Finally, we check if the revealed social preferences satisfies the conditions of the model, so the inversion is well behaved. We find that with quasi-linear utilities, the revealed social preferences are not decreasing for some values of productivity. When we introduce income effects, we introduce curvature in the utility for consumption and then the revealed social preferences are well behaved and Paretian. The second paper evaluates the welfare consequences of replacing the Brazilian current joint tax system in which spouses’ incomes are added to calculate taxable income with one for which spouses’ incomes are averaged to determine taxable income. In Brazil, spouses have the option to file individually or jointly. We find that a reform in the Brazilian current joint tax system is welfare-improving. Changing to an income tax system in which spouses’ earnings are averaged to determine taxable income increases the social welfare of the economy. The final paper investigates consumption behavior and optimality using microdata available from the Consumer Expenditure Survey. With a longer and more recent sample, we confirm the life cycle and time series patterns found by Attanasio and Weber (1995) for the United States through a synthetic panel and cohort analysis. Furthermore, we follow their approach of modeling the Euler equation with demographic and labor supply variables, but relaxing the implicit assumption that consumers use only one asset to smooth consumption over time. We do so by aggregating returns and using Mulligan and Threinen (2010) measure of return to aggregate capital to test the life cycle-permanent income hypothesis. Our results provide further evidence in favor of the theory and show that ignoring the portfolio optimization of households may overestimate the Elasticity of Intertemporal Substitution.Esta tese consiste em três artigos independentes em microeconomia aplicada. O primeiro artigo estima as funções de bem-estar social marginal para o Brasil usando duas preferências distintas para os agentes: quase-linear no consumo e isoelástica no consumo e no trabalho. Usamos uma abordagem dual do modelo de otimização de imposto de renda , a lógica é invertida, estimamos uma função de bem-estar social que torna ótima a estrutura tributária vigente. Por fim, verificamos se as preferências sociais reveladas satisfazem as condições do modelo, então a inversão é bem comportada. Descobrimos que para o caso da utilidade quase-linear, as preferências reveladas não são decrescentes para alguns valores de produtividade. Quando introduzimos efeitos renda, introduzimos curvatura na utilidade de consumo e então as preferências sociais reveladas são bem comportadas e paretianas. O segundo artigo avalia as consequências previdenciárias da substituição do atual sistema tributário brasileiro em que os rendimentos dos cônjuges são somados para o cálculo da renda tributável com aquele para o qual os rendimentos dos cônjuges são calculados em média para determinar o rendimento tributável. No brasil, os cônjuges têm a opção de declarar individualmente ou em conjunto. Uma reforma no atual sistema tributário brasileiro traz uma melhora de bem-estar. A mudança para um sistema de imposto de renda em que a média dos rendimentos dos cônjuges determina a renda tributável aumenta o bem-estar da economia. O trabalho final investiga a otimização do comportamento de consumo usando microdados disponíveis no Consumer Expenditure Survey. Com uma amostra mais longa e mais recente, confirmamos os padrões de ciclo de vida e séries temporais encontrados por Attanasio e Weber (1995) para os Estados Unidos por meio de um painel sintético. Além disso, nós seguimos sua abordagem de modelar a equação de Euler com variáveis demográficas e de oferta de trabalho, mas relaxamos a suposição implícita de que os consumidores usam apenas um ativo para suavizar o consumo ao longo do tempo. Fazemos isso agregando retornos, usando a medida de retorno ao capital agregado de Mulligan e Threinen (2010) para testar a hipótese de renda permanente do ciclo de vida. Nossos resultados fornecem mais evidências a favor da teoria e mostram que ignorar o fato das famílias suavizarem o consumo ao longo da vida utilizando um portfólio de ativos pode superestimar a elasticidade de substituição Intertemporal.engOptimal income taxationHSV taxesConsumer Intertemporal OptimizationPermanent income hypothesisEconomiaImposto de rendaImpostos - BrasilMicroeconomiaConsumo (Economia)Essays on taxes and consumptioninfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVLICENSElicense.txtlicense.txttext/plain; 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|
dc.title.por.fl_str_mv |
Essays on taxes and consumption |
title |
Essays on taxes and consumption |
spellingShingle |
Essays on taxes and consumption Matos, Mariana Milhomem Optimal income taxation HSV taxes Consumer Intertemporal Optimization Permanent income hypothesis Economia Imposto de renda Impostos - Brasil Microeconomia Consumo (Economia) |
title_short |
Essays on taxes and consumption |
title_full |
Essays on taxes and consumption |
title_fullStr |
Essays on taxes and consumption |
title_full_unstemmed |
Essays on taxes and consumption |
title_sort |
Essays on taxes and consumption |
author |
Matos, Mariana Milhomem |
author_facet |
Matos, Mariana Milhomem |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.member.none.fl_str_mv |
Issler, João Victor Franco Neto, Afonso Arinos de Mello Alves, Katia Aiko Nishiyama Alves, Cassiano Breno Machado Barbosa, Ana Luiza Neves de Holanda |
dc.contributor.author.fl_str_mv |
Matos, Mariana Milhomem |
dc.contributor.advisor1.fl_str_mv |
Costa, Carlos Eugênio Ellery Lustosa da |
contributor_str_mv |
Costa, Carlos Eugênio Ellery Lustosa da |
dc.subject.por.fl_str_mv |
Optimal income taxation HSV taxes Consumer Intertemporal Optimization Permanent income hypothesis |
topic |
Optimal income taxation HSV taxes Consumer Intertemporal Optimization Permanent income hypothesis Economia Imposto de renda Impostos - Brasil Microeconomia Consumo (Economia) |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Imposto de renda Impostos - Brasil Microeconomia Consumo (Economia) |
description |
This thesis consists of three independent essays in applied microeconomics. The first paper estimates the marginal social welfare functions for Brazil using two functional forms for the agents preferences: quasi-linear in consumption and isoelastic in consumption and in labor. We use a dual approach of the standard optimal income tax model, the logic is inverted, we estimate a social welfare function that makes optimal the actual marginal tax rate schedule. Finally, we check if the revealed social preferences satisfies the conditions of the model, so the inversion is well behaved. We find that with quasi-linear utilities, the revealed social preferences are not decreasing for some values of productivity. When we introduce income effects, we introduce curvature in the utility for consumption and then the revealed social preferences are well behaved and Paretian. The second paper evaluates the welfare consequences of replacing the Brazilian current joint tax system in which spouses’ incomes are added to calculate taxable income with one for which spouses’ incomes are averaged to determine taxable income. In Brazil, spouses have the option to file individually or jointly. We find that a reform in the Brazilian current joint tax system is welfare-improving. Changing to an income tax system in which spouses’ earnings are averaged to determine taxable income increases the social welfare of the economy. The final paper investigates consumption behavior and optimality using microdata available from the Consumer Expenditure Survey. With a longer and more recent sample, we confirm the life cycle and time series patterns found by Attanasio and Weber (1995) for the United States through a synthetic panel and cohort analysis. Furthermore, we follow their approach of modeling the Euler equation with demographic and labor supply variables, but relaxing the implicit assumption that consumers use only one asset to smooth consumption over time. We do so by aggregating returns and using Mulligan and Threinen (2010) measure of return to aggregate capital to test the life cycle-permanent income hypothesis. Our results provide further evidence in favor of the theory and show that ignoring the portfolio optimization of households may overestimate the Elasticity of Intertemporal Substitution. |
publishDate |
2022 |
dc.date.issued.fl_str_mv |
2022-09-27 |
dc.date.accessioned.fl_str_mv |
2023-04-17T18:27:19Z |
dc.date.available.fl_str_mv |
2023-04-17T18:27:19Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/33558 |
url |
https://hdl.handle.net/10438/33558 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
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MD5 MD5 MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
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1810023627844747264 |