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Optimal Taxation by the Monetary Authority
Walsh, Carl E. - 1984
Reserve requirements imposed against bank deposits, nominal interest payments on bank reserves (or on base money), and inflation can all be viewed as generating tax effects. Any analysis of optimal monetary policy in a steady-state equilibrium needs to consider the simultaneous choice of all the...
Persistent link: https://www.econbiz.de/10012477715
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Seigniorage and Fixed Exchange Rates : An Optimal Inflation Tax Analysis
Fischer, Stanley - 1981
A country that decides to fix its exchange rate thereby gives up control over its own inflation rate and the determination of the revenue received from seigniorage. If the country goes further and uses a foreign money, it loses all seigniorage. This paper uses an optimal inflation tax approach...
Persistent link: https://www.econbiz.de/10012478330
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Intertemporal Distortions in the Second best
Albanesi, Stefania - 2007
or idiosyncratic risk, and economies with incentive compatibility constraints due to limited commitment, political …
Persistent link: https://www.econbiz.de/10012465010
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Capital Taxation and Ownership when Markets are Incomplete
Farhi, Emmanuel - 2007
proportional taxes on labor and capital. I first consider the case that the only asset the government can trade is a real risk … contingent source of revenues. I thus identify a novel potential role for capital taxation as a risk sharing instrument between … ownership provides the same benefit or risk sharing but without the cost of tax distortions. In a variety of quantitative …
Persistent link: https://www.econbiz.de/10012465260
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Optimal Monetary and Fiscal Policy in a Liquidity Trap
Eggertsson, Gauti B. - 2004
In previous work (Eggertsson and Woodford, 2003), we characterized the optimal conduct of monetary policy when a real disturbance causes the natural rate of interest to be temporarily negative, so that the zero lower bound on nominal interest rates binds, and showed that commitment to a...
Persistent link: https://www.econbiz.de/10012467849
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Optimal Monetary and Fiscal Policy : A Linear Quadratic Approach
Benigno, Pierpaolo - 2003
We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky and the only available sources of government revenue are distorting taxes. Our linear-quadratic approach allows us to nest both conventional analyses of optimal...
Persistent link: https://www.econbiz.de/10012468792
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Optimal Fiscal and Monetary Policy
Chari, V. V. - 1999
We provide an introduction to optimal fiscal and monetary policy using the primal approach to optimal taxation. We use this approach to address how fiscal and monetary policy should be set over the long run and over the business cycle. We find four substantive lessons for policymaking: Capital...
Persistent link: https://www.econbiz.de/10012471920
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Optimal Policies with Strategic Distortions
Krishna, Kala - 1988
Recent work in optimal trade policy for imperfectly competitive markets usually identifies the optimal level of an instrument, and when more instruments are allowed, general interpretations have been unavailable, This paper analyzes the jointly optimal levels of a Variety of instruments with...
Persistent link: https://www.econbiz.de/10012476539
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The Effects of Investing Social Security Funds in the Stock Market When Fixed Costs Prevent Some Households from Holding Stocks
Abel, Andrew B. - 2000
With fixed costs of participating in the stock market, consumers with high income will participate in the stock market, but consumers with lower income will not participate. If a fully-funded defined-contribution social security system tries to exploit the equity premium by selling a dollar of...
Persistent link: https://www.econbiz.de/10012471011
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Robust Monetary Policy Under Model Uncertainty in a Small Model of the U.S. Economy
Onatski, Alexei - 2000
This paper examines monetary policy in Rudebusch and Svensson's (1999) two equation macroeconomic model when the policymaker recognizes that the model is an approximation and is uncertain about the quality of that approximation. It is argued that the minimax approach of robust control provides a...
Persistent link: https://www.econbiz.de/10012471286