Ferrero, Andrea (contributor) - 2007
countries of the world economy (Canada, France,
Germany, Italy, Japan and the United Kingdom - henceforth, the G6). As figure 1 …
t
−T
t
, (11)
where T
t
= N
w
t
T
w
t
represents the total tax revenues.
3 Equilibrium in the World Economy
All markets …
up representing the entire world economy.
24
While typical of large scale OLG models, the assumption of perfect foresight …