The economic effects of restrictions on government budget deficits
成果类型：
Article
署名作者：
Ghiglino, C; Shell, K
署名单位：
University of London; Queen Mary University London; Cornell University; New York University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1999.2628
发表日期：
2000
页码：
106-137
关键词：
摘要：
In overlapping-generations economies with perfect financial markets and lump-sum taxation, restrictions on the government budget deficit do not limit the set of achievable allocations. For economies in which the tax instruments are distortionary and limited in number, this strong form of irrelevance does not hold even if markets are perfect. We propose a weaker (but natural) definition of irrelevance in which only a finite (but arbitrarily large) number of restrictions near the baseline deficit are considered. We show that if the government can use only anonymous consumption taxes, there is weak irrelevance of the deficit restrictions if the number of tax instruments is large relative to the number of policy goals. Classification Numbers: D51, D91, E32. (C) 2000 Academic Press.