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dc.contributor.authorGottardi, Pieroen_US
dc.contributor.authorKajii, Atsushien_US
dc.contributor.authorNakajima, Tomoyukien_US
dc.date.accessioned2011-09-08en_US
dc.date.accessioned2011-09-14T13:13:18Z-
dc.date.available2011-09-14T13:13:18Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/49512-
dc.description.abstractWe study the dynamic Ramsey problem of finding optimal public debt and linear taxes on capital and labor income within a tractable infinite horizon model with incomplete markets. With zero public expenditure and debt, it is optimal to tax the risky labor income and subsidize capital, while a positive amount of public debt is welfare improving. A steady state optimality condition is derived which implies that the tax on capital is positive, when savings are sufficiently inelastic to returns. A calibration of our model to the US economy indicates positive optimal taxes and a small but positive optimal debt level.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper: Fiscal Policy, Macroeconomics and Growth 3560en_US
dc.subject.jelD52en_US
dc.subject.jelD60en_US
dc.subject.jelD90en_US
dc.subject.jelE20en_US
dc.subject.jelE62en_US
dc.subject.jelH21en_US
dc.subject.jelO40en_US
dc.subject.ddc330en_US
dc.subject.keywordincomplete marketsen_US
dc.subject.keywordRamsey equilibriumen_US
dc.subject.keywordoptimal taxationen_US
dc.subject.keywordoptimal public debten_US
dc.subject.keywordconstrained inefficiencyen_US
dc.subject.stwOptimale Besteuerungen_US
dc.subject.stwÖffentliche Schuldenen_US
dc.subject.stwOptimales Wachstumen_US
dc.subject.stwUnvollkommener Markten_US
dc.subject.stwTheorieen_US
dc.titleOptimal taxation and constrained inefficiency in an infinite-horizon economy with incomplete marketsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn66800486Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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