کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
986555 1480841 2007 24 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Time-consistent fiscal policy and heterogeneous agents
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Time-consistent fiscal policy and heterogeneous agents
چکیده انگلیسی

This paper characterizes the time-consistency properties of the set of Pareto efficient (or second best) fiscal policies, in a two-class, stochastic economy similar to that in [Judd, K.L., 1985, Redistributive taxation in a simple perfect foresight model, Journal of Public Economics 28, 59–83]. The key finding is that the continuation of any Pareto efficient policy is always Pareto efficient. Hence, to require any policy revision to be approved by unanimity safeguards the time consistency of efficient fiscal policy. I also show that any Pareto efficient policy from a timeless perspective can be rendered time consistent by a policymaker whose objective function is given by a utilitarian social welfare function with precise welfare weights. These results link the policymaker's equity considerations with the credibility of efficient fiscal policy.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Economic Dynamics - Volume 10, Issue 1, January 2007, Pages 31–54
نویسندگان
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