Coenen, Günter (contributor); Mohr, Matthias (contributor); … - 2008
)
or, alternatively, in the labour income tax rate, τ
N
t
:
s
WN,t
parenleftBig
τ
N
t
−τ
N,∗
t
parenrightBig
= φ
B …. The terms τ
C,∗
t
and τ
N,∗
t
denote the debt-neutral consumption and labour
income tax rates, respectively.
In the long … instruments (transfers, tr, government consumption spending,
g, consumption tax, τ
C
, and labour income tax, τ
N
). All effects …