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Dynamic Optimal Income Taxation with Government Commitment

Brito, Dagobert L. - 2007

The optimal income taxation problem has been extensively studied in one-period models. This paper analyzes optimal income taxation when consumers work for many periods. We also analyze what information, if any, that the government learns about abilities in one period can be used in later periods...

Persistent link: https://www.econbiz.de/10012777113

Information and Multi-Period Optimal Income Taxation with Government Commitment

Brito, Dagobert L. - 2010

The optimal income taxation problem has been extensively studied in one- period models. When consumers work for many periods, this paper analyzes what information, if any, that the government learns about abilities in one period can be used in later periods to attain more redistribution than in...

Persistent link: https://www.econbiz.de/10012760230

Randomization in Optimal Income Tax Schedules

Brito, Dagobert L.; Hamilton, Jonathan H.; Slutsky, Steven - 2021

The optimal income tax problem, since it requires self-selection constraints which define nonconvex feasible sets, is one of the many problems in economics for which randomization in the solution may be desirable. For a two-class economy. we characterize the optimal random tax schedules and we...

Persistent link: https://www.econbiz.de/10013221874

Pareto Efficient and Optimal Taxation and the New New Welfare Economics

Stiglitz, Joseph E. - 2021

This paper surveys recent developments in the theory of pareto efficient taxation. This literature attempts to …

Persistent link: https://www.econbiz.de/10013221977

Moral Hazard and Optimal Commodity Taxation

Arnott, Richard J.; Stiglitz, Joseph E. - 2021

The central result of this paper is that when moral hazard ispresent,competitive equilibrium is almost always (constrained) inefficient. Moral hazard causes shadow prices to deviate from market prices. To remedy this market failure, the government could introduce differential commodity taxation....

Persistent link: https://www.econbiz.de/10013245131

Pareto Efficient Taxation and Expenditures : Pre- and Re-Distribution

Stiglitz, Joseph E. - 2017

This paper shows that there is a presumption that Pareto efficient taxation entails a positive tax on capital. When tax and expenditure policies can affect the market distribution of income in ways that cannot be directly offset, those effects need to be taken into account, reducing the burden...

Persistent link: https://www.econbiz.de/10012946480

New Theoretical Perspectives on the Distribution of Income and Wealth Among Individuals : Part Iii: Life Cycle Savings vs. Inherited Savings

Stiglitz, Joseph E. - 2015

effects of tax policy or changes in the parameters of the economy. The relative role of life cycle savings increases with the … rate of growth and with the relative savings rate of life-cycle savers and capitalists. An increase in the savings rate of … workers has no effect on output per capita; life cycle savings simply crowds out inherited savings. A tax on capital (even if …

Persistent link: https://www.econbiz.de/10013022177

Risk and Global Economic Architecture : Why Full Financial Integration May Be Undesirable

Stiglitz, Joseph E. - 2010

superior. The intuition is simple: if underlying technologies are not convex, then risk-sharing can lower expected utility. The … likelihood of a bankruptcy cascade, "contagion," and systemic risk …

Persistent link: https://www.econbiz.de/10013148101

In Praise of Frank Ramsey's Contribution to the Theory of Taxation

Stiglitz, Joseph E. - 2014

Frank Ramsey's classic paper "A contribution to the theory of taxation" gave rise to the modern theory of optimal …

Persistent link: https://www.econbiz.de/10013046599

Self-Selection and Pareto Efficient Taxation

Stiglitz, Joseph E. - 2021

make the theory more realistic …

Persistent link: https://www.econbiz.de/10013237284