Ghiglino, Christian; Shell, Karl - In: Economic Theory 21 (2003) 2, pp. 399-421
The present paper is an extension of Ghiglino and Shell [7] to the case of imperfect consumer credit markets. We show that with constraints on individual credit and only anonymous (i.e., non-personalized) lump-sum taxes, strong (or “global”) irrelevance of government budget deficits is not...