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https://hdl.handle.net/10419/49512
Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Gottardi, Piero | en |
dc.contributor.author | Kajii, Atsushi | en |
dc.contributor.author | Nakajima, Tomoyuki | en |
dc.date.accessioned | 2011-09-08 | - |
dc.date.accessioned | 2011-09-14T13:13:18Z | - |
dc.date.available | 2011-09-14T13:13:18Z | - |
dc.date.issued | 2011 | - |
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 |
dc.language.iso | eng | en |
dc.publisher | |aCenter for Economic Studies and ifo Institute (CESifo) |cMunich | en |
dc.relation.ispartofseries | |aCESifo Working Paper |x3560 | en |
dc.subject.jel | D52 | en |
dc.subject.jel | D60 | en |
dc.subject.jel | D90 | en |
dc.subject.jel | E20 | en |
dc.subject.jel | E62 | en |
dc.subject.jel | H21 | en |
dc.subject.jel | O40 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | incomplete markets | en |
dc.subject.keyword | Ramsey equilibrium | en |
dc.subject.keyword | optimal taxation | en |
dc.subject.keyword | optimal public debt | en |
dc.subject.keyword | constrained inefficiency | en |
dc.subject.stw | Optimale Besteuerung | en |
dc.subject.stw | Öffentliche Schulden | en |
dc.subject.stw | Optimales Wachstum | en |
dc.subject.stw | Unvollkommener Markt | en |
dc.subject.stw | Theorie | en |
dc.title | Optimal taxation and constrained inefficiency in an infinite-horizon economy with incomplete markets | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 66800486X | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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