Search results

1

The impact of Fiscal Instruments on Fertility: A Synthesis of the Economic Theory

100%

Kudła J.

Journal of Economics and Management

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2014

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vol. 18

15-24

EN

The observed decline in fertility in developed countries raises the question about the possibility of implementing a pronatalist government policy. In particular, possible policies involve modification of: income taxes, consumption taxes and the introduction of subsidies on children. The effectiveness of the listed fiscal policy instruments is debatable and it can be considered from theoretical or empirical point of view. The present work mainly focuses on the first approach, making a synthesis of existing economic theory in terms of the postulated effects of the fiscal instruments used to stimulate the number of children in families. The survey pinpoints two prevalent classes of models: the life cycle with taxpayer having children and multi-period overlapping generation models. The predictions of the models have been criticized, especially in the context of several simplifying assumptions undermining the practical utility of the results. Based on the literature review it can be seen that regardless of the context of redistribution of wealth, the fiscal instruments should affect the number of children in households. Additionally the effective pronatalist policy is not unique and in most cases, it should cover more than one fiscal policy instrument stimulating increase of birth rate.

2

Analiza modelowa wpływu narzędzi fiskalnych na czas poświęcany dzieciom

63%

Kudła J., Walczyk K.

Acta Universitatis Lodziensis. Folia Oeconomica

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2017

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vol. 1

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issue 327

EN

Fiscal incentives affect not only fertility, but also the amount of time spent by parents with adolescent children (so called attention). As a consequence the latter can have an indirect impact on the accumulation of human capital in society. Therefore in the paper we apply an economic model of “myopic” parents to analyze the impact of fiscal parameters on time spent for growing up children. The conclusions are based on the simulation in comparative statics calibrated to the actual data. The result indicates that the reaction of families with two children on the children subsidy differs to the reaction of families having only one child. It indicates that some fiscal instruments are vulnerable to the number of children in families, hindering the objectives of social policy focused on human capital accumulation. The fiscal instruments increasing affluence of families stimulate the amount of time spent with children.

PL

Instrumenty fiskalne mogą wpływać nie tylko na dzietność, ale także na ilość czasu spędzanego przez rodziców z dziećmi. To z kolei ma pośredni wpływ na akumulację kapitału ludzkiego w społeczeństwie. W niniejszej pracy, za pomocą modelu ekonomicznego, określono wpływ czynników fiskalnych na czas poświęcany dzieciom. Wnioski opierają się na analizie symulacyjnej statyki porównawczej modelu maksymalizacji użyteczności, skalibrowanego dla danych rzeczywistych. Uzyskane wyniki wskazują na odmienną reakcję rodzin z dwójką dzieci w porównaniu z rodzinami posiadającymi tylko jedno dziecko w przypadku dopłat do liczby dzieci. Oznacza to, że niektóre instrumenty fiskalne mogą oddziaływać w odmienny sposób na różne rodzaje rodzin, utrudniając realizację założonych celów polityki społecznej. Uzyskane wyniki wskazują, że instrumenty fiskalne zwiększające zamożność rodzin, zwiększają również ilość czasu poświęcanego dzieciom.

3

Can fiscal policy spur fertility?

63%

Kudła J., Walczyk K.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2018

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vol. 13

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issue 2

167-179

EN

Research background: The decreasing fertility rate is a serious problem for policymakers as it affects the pension system as well as private consumption and savings. It seems reasonable to analyze whether fiscal policy may mitigate the low birthrate problem. Purpose of the article: In this paper we strive to answer the question whether fiscal incentives spur fertility if parents are rational. Methods: A theoretical economic model of utility maximization is applied to analyze the impact of fiscal policy on fertility. The conclusions are based on the analysis of comparative statics simulation calibrated for actual data from Poland. Findings & Value added: The results indicate that a substantial fertility effect can be obtained by raising subsidies for children or general benefits for families.

4

Wpływ zmian stopy referencyjnej NBP na zmiany wartości i zmienność indeksu WIG20

63%

Saba K., Kudła J.

Ekonomia. Rynek, Gospodarka, Społeczeństwo

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2014

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issue 37

105-125

EN

The changes of interbank interest rate triggered by National Bank of Poland can impact the prices and the volatility of WIG20 index on the Warsaw Stock Exchange. Therefore, the main hypothesis of the paper stipulates the significant effect of unexpected NBP reference interest rate changes on the changes and volatility of WIG20 – the index of the largest and the most liquid stocks of the Polish capital market. To testify the hypothesis, we split the changes of interest rates, occurring after the decisions of the Monetary Policy Council, on the expected and unexpected components. Subsequently, using the GARCH-type models we estimate the parameters describing the direction and strength of the impact of these components on the changes of WIG20 and its volatility. The analysis confirmed the impact of unexpected interest rate changes but not the expected ones. However, at the same time there is no evidence that stronger unexpected changes or changes headed in particular direction (positive or negative) have a significant impact on the value of the stocks on the Warsaw Stock Exchange.

PL

Przedmiotem pracy jest analiza wpływu zmian referencyjnej stopy procentowej NBP na zmiany wartości oraz zmienność cen akcji wchodzących w skład indeksu WIG20. Testowana jest hipoteza o istotnym wpływie nieoczekiwanych zmian stopy referencyjnej na zmiany wartości indeksu WIG20 oraz poziom jego zmienności. W tym celu ze zmian wartości stóp rynkowych WIBOR, wyodrębniono komponenty zmiany przewidywanej i nieoczekiwanej. Następnie za pomocą modeli typu GARCH oszacowano parametry opisujące kierunek i siłę wpływu tych komponentów na zmiany indeksu WIG20 oraz jego zmienność. Analiza potwierdziła wpływ zmian nieoczekiwanych i nie wykazała wpływu przewidywanych zmian stopy referencyjnej na zmiany indeksu giełdowego. Jednocześnie nie udało się wykazać, aby silniejsze zmiany nieoczekiwane, ani zachodzące w określonym kierunku (dodatnie lub ujemne) miały istotny wpływ na wartość akcji wchodzących w skład indeksu WIG20.

5

The impact of bequest taxation on savings and transfers

51%

Kudła J., Kruszewski R., Dudek M., Walczyk K.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2023

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vol. 18

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issue 2

333-365

EN

Research background: The paper investigates the impact of bequest taxation on saving and transfers when parents and children make decisions consistently. It complements the predictions of Gale and Perozek's life-cycle modeling (2001) when decisions of parents and children are set independently and can be time-inconsistent. Purpose of the article: The paper strives to answer the question of whether taxation of bequest harms savings and inter vivos transfers. The previous results indicated that this is possible for some bequest motives. Our results show that this is not likely for the most typical values of parameters. Methods: The analysis involves economic modeling of four bequest motives: altruistic, paternalistic, accidental, and exchange. The method is based on the overlapping generation approach and life-cycle approach in the case of a paternalistic bequest. The results are supplemented with numerical simulations. Findings & value added: For the altruistic motive, savings are smaller if interest rates are low relative to the tax rate and the utility of one's consumption is more valuable than the utility of the next generations. For the accidental motive, savings decrease with small interest rates, high taxation and long-life expectancy. For the paternalistic motive, savings decrease when the interest rate and the value of future utility are low. For the exchange motive, savings are higher after a tax increase, but it depends on the value of attention and life expectancy. The general conclusion is that higher bequest taxation hamper saving behavior and may disturb the intergenerational exchange process. The bequest tax should, therefore, be set low, especially for aging populations, in order to induce higher savings and force the young to provide the elderly with higher attention.

6

Optymalna struktura podatkowa w warunkach konkurencji międzynarodowej. Analiza symulacyjna

45%

Kudła J., Kocia A., Kopczewska K., Kruszewski R., Walczyk K.

Przegląd Zachodniopomorski

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2013

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issue 3/2

231-245

EN

The paper addresses the problem of international tax competition in a coexistence of: capital, labor and consumption taxation. We allow for the possibility of capital gains shifting abroad and for the different levels of capital ownership. On this basis, the optimal taxation conditions were derived. Generally, in the case of low capital-marginal–productivity-elasticity, for given level of tax consumption burden, the capital should be subsidized and the labor should be taxed positively. If we exclude the subsidies for capital then the taxation of labor becomes sensitive to both the size of the consumption tax and the level of international income shifting.

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1 Przegląd Zachodniopomorski

6 Kudła J.

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2 Kruszewski R.

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1 Saba K.

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