作者：KRELOVE, R
作者单位：International Monetary Fund
摘要：In an economy with multiple governments, each is constrained to raise revenue for public expenditures using distortionary taxes on a directly mobile tax base. A government is said to be competitive if the total cost of its decisions, including the excess burden, is perceived to be internalized. The competitive equilibrium allocations are not constrained efficient in general: there is another set of distortionary taxes and associated public expenditures for which all individuals in the economy ...
作者：MIRER, TW
摘要：The proper valuation of annuity wealth is important for many empirical studies of economic behavior and the distribution of wealth and well-being. This paper examines Bernheim's argument that the value of Socia Security benefit streams should be determined by simple discounting, rather than by actuarial discounting, when consumers behave according to life-cycle principles. In a model having a more realistic mortality structure than his, we document the poor performance of both methods for a br...
