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Federal Reserve Bank of Cleveland
Working Papers (Old Series)
Indeterminacy and stabilization policy
Jang-Ting Guo
Kevin J. Lansing
Abstract

A demonstration of how an income tax schedule that exhibits a progressivity feature can ensure saddle-path stability in a one-sector, real business-cycle model with sufficient increasing returns in production, thereby shielding the economy against sunspot fluctuations.


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Jang-Ting Guo & Kevin J. Lansing, Indeterminacy and stabilization policy, Federal Reserve Bank of Cleveland, Working Papers (Old Series) 9708, 1997.
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Keywords: Economic stabilization ; Business cycles
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