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Intertemporal Distortions in the Second Best

Albanesi, Stefania - 2010

This paper studies the long run properties of intertemporal distortions in a broad class of second best economies. Our unified framework encompasses and extends many well known models, such as variants of the Ramsey taxation model with aggregate or idiosyncratic risk, and economies with...

Persistent link: https://www.econbiz.de/10012759663

On the General Relativity of Fiscal Language

Kotlikoff, Laurence J. - 2010

A century ago, everyone thought time and distance were well defined physical concepts. But neither proved absolute. Instead, measures/reports of time and distance were found to depend on one%u2019s reference point, specifically one%u2019s direction and speed of travel, making our apparent...

Persistent link: https://www.econbiz.de/10012761261

A Requiem for the Fiscal Theory of the Price Level

Farmer, Roger E. A. - 2019

We demonstrate that the Fiscal Theory of the Price Level (FTPL) cannot be used to determine the price level uniquely in …

Persistent link: https://www.econbiz.de/10012894996

Public Finance in a Nutshell : A Cobb Douglas Teaching Tool for General Equilibrium Tax Incidence and Excess Burden

Fullerton, Don - 2017

To help first- or second-year graduate students in economics apply their theoretical training, this paper shows how to solve a simple and intuitive computable general equilibrium (CGE) model using a calculator. Because this simplified Harberger model uses Cobb Douglas functional forms for...

Persistent link: https://www.econbiz.de/10012964910

Public Versus Private Risk Sharing

Krueger, Dirk - 2010

Can public insurance through redistributive income taxation improve the allocation of risk in an economy in which private risk sharing is limited? The answer depends crucially on the fundamental friction that limits private risk sharing in the first place. If risk sharing is incomplete because...

Persistent link: https://www.econbiz.de/10013149824

Understanding the Fiscal Theory of the Price Level

Christiano, Lawrence J.; Fitzgerald, Terry J. - 2021

We review the fiscal theory of the price level. We place special emphasis on the theory's implications for the …

Persistent link: https://www.econbiz.de/10013223567

The Fallacy of the Fiscal Theory of the Price Level

Buiter, Willem H. - 2021

or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …

Persistent link: https://www.econbiz.de/10013223568

Debt and Taxes in the Theory of Public Finance

Feldstein, Martin S. - 2021

If a specified amount of government spending must be financed, how should that finance be divided between taxes and government borrowing? In the case of a temporary increase in government spending, it has been argued that debt finance is optimal because the small increments in all future tax...

Persistent link: https://www.econbiz.de/10013225423

Public Sector Dynamics

Auerbach, Alan J. - 2021

Using Musgrave's The Theory of Public Finance as a starting point, this paper reviews the scholarly developments in …

Persistent link: https://www.econbiz.de/10013249162

Revenue Neutral Trade Reform with Many Households, Quotas and Tariffs

Anderson, James E. - 2021

Government budget balance forces the endogenous use of distortionary tax instruments" when an exogenous reform is implemented. The aggregate efficiency of such reforms is based" on comparisons of simple summary measures of the Marginal Cost of Funds of the various tariff" or quota changes with...

Persistent link: https://www.econbiz.de/10013313650

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