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EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/49512
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Gottardi, Piero | | en_US |
| dc.contributor.author | | Kajii, Atsushi | | en_US |
| dc.contributor.author | | Nakajima, Tomoyuki | | en_US |
| dc.date.accessioned | | 2011-09-08 | | en_US |
| dc.date.accessioned | | 2011-09-14T13:13:18Z | | - |
| dc.date.available | | 2011-09-14T13:13:18Z | | - |
| dc.date.issued | | 2011 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/49512 | | - |
| dc.description.abstract | | We 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.iso | | eng | | en_US |
| dc.publisher | | CESifo München | | en_US |
| dc.relation.ispartofseries | | CESifo working paper: Fiscal Policy, Macroeconomics and Growth 3560 | | en_US |
| dc.subject.jel | | D52 | | en_US |
| dc.subject.jel | | D60 | | en_US |
| dc.subject.jel | | D90 | | en_US |
| dc.subject.jel | | E20 | | en_US |
| dc.subject.jel | | E62 | | en_US |
| dc.subject.jel | | H21 | | en_US |
| dc.subject.jel | | O40 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | incomplete markets | | en_US |
| dc.subject.keyword | | Ramsey equilibrium | | en_US |
| dc.subject.keyword | | optimal taxation | | en_US |
| dc.subject.keyword | | optimal public debt | | en_US |
| dc.subject.keyword | | constrained inefficiency | | en_US |
| dc.subject.stw | | Optimale Besteuerung | | en_US |
| dc.subject.stw | | Öffentliche Schulden | | en_US |
| dc.subject.stw | | Optimales Wachstum | | en_US |
| dc.subject.stw | | Unvollkommener Markt | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Optimal taxation and constrained inefficiency in an infinite-horizon economy with incomplete markets | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 66800486X | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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