OPTIMAL STATE-CONTINGENT CAPITAL TAXATION - WHEN IS THERE AN INDETERMINACY

• 成果类型: Article
• 署名作者: BOHN, H
• 署名单位: Leibniz Association; Ifo Institut; University of Munich
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(94)01153-2
• 发表日期: 1994
• 页码: 125-137
• 关键词: Fiscal policy; Capital investment; optimal taxation

摘要

Several recent papers on dynamically optimal taxation have derived indeterminacy results regarding state-contingent capital taxation in stochastic equilibrium models with state-contingent government debt. I show that these results rely crucially on the assumption that there is a single, aggregate decision about private capital investment. In a model with many technologies and many capital goods, the need to preserve individual investment incentives imposes as many constraints on government policy as they are inter-temporal investment decisions. The structure of capital tax rates and the structure of government debt are both restricted in many dimensions.