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autarky, but also partial and full insurance can obtain, depending on the relative patience of agents and financial … intermediaries. Insurance can be provided because in an equilibrium contract an up-front payment effectively locks in the agent with …
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This paper derives analytical expressions for the revenue elasticity of consumption taxes and combined income-consumption tax systems, analogous to those familiar for income taxes. It provides measures of tax revenue elasticities which can readily be applied in practice. Analytical results...
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