It has been shown that under an additively separable preference formulation between consumption and hours worked, indeterminacy and sunspots may arise in a standard one-sector or two-sector real business cycle model when the labor tax rate is endogenously determined by a balanced-budget rule with a pre-specified constant level of government expenditures. Our analysis finds that this indeterminacy result will completely disappear within either setting if the period utility function is postulated to exhibit no income effect on the householdʼs demand for leisure. In particular, the modelʼs low-tax steady state displays saddle-path stability and equilibrium uniqueness; whereas the high-tax steady state is either a source or a saddle point.

中文翻译：

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平衡预算规则和无收入效应偏好下的宏观经济稳定性

研究表明，当劳动税率由平衡预算规则内生决定时，在消费和工作时间之间的可加性可分离偏好公式中，在标准的一部门或两部门实际商业周期模型中可能会出现不确定性和太阳黑子。具有预先指定的恒定水平的政府支出。我们的分析发现，如果假设周期效用函数对家庭休闲需求没有收入影响，那么这种不确定性结果在任何一种情况下都将完全消失。特别是，该模型的低税率稳态表现出鞍路径稳定性和均衡唯一性；而高税收稳定状态要么是源点，要么是鞍点。