An Analysis of the Underground Economy and its Macroeconomic Consequences

An Analysis of the Underground Economy and its Macroeconomic Consequences
This paper develops a dynamic computable general equilibrium model in which optimizing agents evade taxes by operating in the underground economy. The cost to firms of evading taxes is that they find themselves subject to credit rationing from banks. Our model simulations show that in the absence of budgetary flexibility to adjust expenditures,... READ MORE...

Publication date: January 2003
ISBN 9781451844061
$15.00

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