Article ID Journal Published Year Pages File Type
965528 Journal of Macroeconomics 2012 13 Pages PDF
Abstract
► In OG, the market-constrained efficient steady state is not a competitive outcome. ► A period-by-period balance fiscal policy decentralizes this steady state. ► It taxes capital returns and hands a second-period lump-sum transfer. ► Provides an efficiency rationale for taxing capital returns.
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
Authors
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