Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/49512 
Full metadata record
Appears in Collections:
DC FieldValueLanguage
dc.contributor.authorGottardi, Pieroen
dc.contributor.authorKajii, Atsushien
dc.contributor.authorNakajima, Tomoyukien
dc.date.accessioned2011-09-08-
dc.date.accessioned2011-09-14T13:13:18Z-
dc.date.available2011-09-14T13:13:18Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3560en
dc.subject.jelD52en
dc.subject.jelD60en
dc.subject.jelD90en
dc.subject.jelE20en
dc.subject.jelE62en
dc.subject.jelH21en
dc.subject.jelO40en
dc.subject.ddc330en
dc.subject.keywordincomplete marketsen
dc.subject.keywordRamsey equilibriumen
dc.subject.keywordoptimal taxationen
dc.subject.keywordoptimal public debten
dc.subject.keywordconstrained inefficiencyen
dc.subject.stwOptimale Besteuerungen
dc.subject.stwÖffentliche Schuldenen
dc.subject.stwOptimales Wachstumen
dc.subject.stwUnvollkommener Markten
dc.subject.stwTheorieen
dc.titleOptimal taxation and constrained inefficiency in an infinite-horizon economy with incomplete markets-
dc.typeWorking Paperen
dc.identifier.ppn66800486Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Files in This Item:
File
Size
478.07 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.