and income taxes; (b) make wealth taxes less efficient relative to capital income taxes, at given rates of tax; (c) reduce …

Even with well-developed capital markets, there is no private market mechanism for trading between current and future …-equilibrium overlapping generations model to incorporate realistic patterns of fertility and mortality and shocks to productivity, fertility … fertility and mortality shocks, but that this is not the case for productivity shocks, for which the pension systems actually …