作者：KEMP, MC; LONG, NV; SHIMOMURA, K
作者单位：McGill University; Australian National University; Kobe University
摘要：Consider the optimal time path of a tax on capital income the proceeds of which are transferred to labour in a lump sum. It is known from earlier open-loop formulations that, if the optimal rate of tax converges to a point, it converges to zero, implying that, in the long run, a tax on capital income can do nothing for social welfare. It is now shown that the optimal rate of tax need not converge to zero and, in the case of feedback formulations, that it may converge to a positive or negative ...
作者：DRISKILL, RA; MARK, NC; SHEFFRIN, SM
作者单位：University of California System; University of California Davis
