This study analyzes the dynamics of tax revenues and tax rates for a large set of countries for at least last 50 years. We establish several stylized facts. First, corporate and individual income tax rates have been steadily declining, while value added tax(VAT) has been increasing for the most of the countries. The VAT was introduced in many countries in late 70s and early 80s. Second, the total revenue as % of GDP as well as the share non-tax revenues in total revenue have not changed much. Third, while the share of individual income tax has remained constant, the share of corporate tax has increased in spite of falling tax rates. Fourth, the sale tax revenue has become the most import source of revenue. The recent theoretical explanations cannot account for the observed pattern. We proposed an alternative by incorporating capital mobility into a model of the optimal capital taxation with heterogeneous agents a la Conesa et al (2009).

During the seminar we will discuss the economic mechanisms that link the consumer debt and overall economic growth. We will then evaluate if and how the government spending (fiscal stimulus) can mitigate the recessionary consequences of consumer indebtedness.

1 июля Центр экономических исследований BEROC организует открытую лекцию Юрия Церлюкевича "Will I Get Paid? Employee Stock Options and Mergers and Acquisitions".

24 июня Центр экономических исследований BEROC организует открытую лекцию Александра Ващилко (PhD in Economics, Vanderbilt University) на тему: Effects of Trade Wars on Belarus.

Abstract. Time-varying natural interest rate may substantially alter the macroeconomic landscape of the national economy. In case of the very low natural interest rate the economy may suffer persistently from the lack of investment demand and enter to the period of so called secular stagnation. A number of quantitative approaches of visualizing the path of the natural interest rate in Belarus give grounds to argue about the danger of this scenario for the country. An important intermediary step for estimating natural interest rate is identifying inflation expectations. Correspondent estimates give rise to concerns about maneuverability of the monetary policy. Both issues together - low natural interest rate and high and volatile inflation expectations - form in Belarus the landscape for depression environment with a limited ability of the monetary policy to change it.

27 ноября 2015 г. центр экономических исследований BEROC организовал открытую лекцию.