A note on incomplete factor taxation

• 成果类型: Article
• 署名作者: Armenter, Roc
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2008.04.015
• 发表日期: 2008
• 页码: 2275-2281
• 关键词: Ramsey equilibrium; Incomplete Factor Taxation

摘要

Optimal capital taxes may be positive in the steady state in Ramsey models with an incomplete set of factor taxes. I show this possibility crucially depends on how fiscal policy is constrained at date t=0. If the government is barred from manipulating the value of initial assets, the Chamley-Judd result reappears: the optimal capital tax is always zero in the steady state. (C) 2008 Elsevier B.V. All rights reserved.