Do taxspots matter? A study of optimal tax uncertainty

• 成果类型: Article
• 署名作者: Citanna, A.; Tvede, M.
• 署名单位: New York University; New York University Abu Dhabi; University of Sheffield
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2024.105884
• 发表日期: 2024
• 关键词: Ramsey taxation; sunspots; Lottery equilibrium

摘要

Should the government run an uncertain fiscal policy to finance its liabilities? We call the resulting uncertainty taxspots, and study conditions that make taxspots optimal and recurrent in standard Ramsey problems. We show that prudence and market incompleteness play a role in sustaining taxspots, and that equal-treatment randomizations can be decentralized via taxspots even in the absence of financial markets.