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Optimal tax and monetary policies in a stochastic monetary growth model are investigated. The authors' findings are of three general types. First, both capital income taxes and monetary growth are shown to influence the economy through effective risk-adjusted measures, expressed as a linear...
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This paper derives criteria for evaluating the impact of an increase in government expenditure on both the time path of instantaneous utility and overall welfare, under alternative forms of tax financing. These consist of three factors. The first is the direct crowding-out effect, which reflects...
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This paper explores the relationship between aggregate and relative congestion, returns to scale and economic growth. Aggregate congestion reduces the effective productivity of capital: relative congestion reduces the effective productivity of labour. Both forms of congestion adversely affect...
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