全球智库信息集成服务系统(G2TT): Fiscal Policy in Debt Constrained Economies

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w17457
来源ID	Working Paper 17457
	Fiscal Policy in Debt Constrained Economies
	Mark A. Aguiar; Manuel Amador
发表日期	2011-09-22
出版年	2011
语种	英语
摘要	We study optimal fiscal policy in a small open economy (SOE) with sovereign and private default risk. The SOE's government uses linear taxation to fund exogenous expenditures and uses public debt to inter-temporally allocate tax distortions. We characterize a class of environments in which the tax on labor goes to zero in the long run, while the tax on capital income may be non-zero, reversing the standard prediction of the Ramsey tax literature. The zero labor tax is an optimal long run outcome if the private agents are impatient relative to the international interest rate and the economy is subject to sovereign debt constraints. The front loading of labor taxes allows the economy to build a large (aggregate) debt position in the presence of limited commitment. We show that a similar result holds in a closed economy with imperfect inter-generational altruism.
主题	Macroeconomics ; Fiscal Policy ; International Economics ; International Macroeconomics ; Public Economics ; National Fiscal Issues
URL	https://www.nber.org/papers/w17457
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/575130
推荐引用方式 GB/T 7714	Mark A. Aguiar,Manuel Amador. Fiscal Policy in Debt Constrained Economies. 2011.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w17457.pdf（412KB）	智库出版物		限制开放	CC BY-NC-SA	浏览