Jones, Larry E.; Manuelli, Rodolfo E.; Rossi, Peter E. - National Bureau of Economic Research (NBER) - 1993
One of the best known results in modern public finance is the Chamley-Judd result showing that the optimal tax rate on capital income is zero in the long-run. In this paper, we reexamine this result by analyzing a series of generalizations of the Chamley-Judd formulation. We show that in a model...