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Optimal Intertemporal Taxation and the Public Debt

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Author Info
Christophe Chamley

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Abstract

The optimal taxation problem is analyzed in a general equilibrium model of optimal growth. The private sector is represented by a single competitive household endowed with perfect foresight, and an infinite life. This household maximizes an intertemporal stationary utility function. Public consumption is financed by taxes on consumption, labor income and capital income (or wealth), or by borrowing. Different policies (first-best and second-best), are analyzed for various subsets of instruments. The problem of the optimal level of the public debt is also considered. The general conclusion supports the relative efficiency of the consumption tax with respect to the other instruments.

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File URL: http://cowles.econ.yale.edu/P/cd/d05b/d0554.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 554.

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Length: 53 pages
Date of creation: Apr 1980
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Handle: RePEc:cwl:cwldpp:554

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  1. Joseph E. Stiglitz, 1988. "Pareto Efficient and Optimal Taxation and the New New Welfare Economics," NBER Working Papers 2189, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Christophe Chamley, 1981. "On the Infinite Welfare Cost of Inflation and Other Second Order Effects," Cowles Foundation Discussion Papers 598, Cowles Foundation, Yale University. [Downloadable!]
  3. Fischer Black, 1981. "When Is a Positive Income Tax Optimal?," NBER Working Papers 0631, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-12-1.

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