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Optimal income tax in a monetary economy

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Author Info
Preston J. Miller
Abstract

This study examines the shape of an optimal income tax schedule in a monetary economy. In equilibrium, money’s role is to allocate resources across generations, while a tax-transfer scheme serves as a form of social insurance. It is found that the optimal real income tax with money can be progressive.

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File URL: http://www.minneapolisfed.org/research/WP/WP244.pdf
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Paper provided by Federal Reserve Bank of Minneapolis in its series Working Papers with number 244.

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Date of creation: 1984
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Publication status: Published in Journal of Economic Dynamics and Control (Vol. 17, No. 3, May 1993, pp. 443-465)
Handle: RePEc:fip:fedmwp:244

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  1. Diamond, P. A. & Helms, L. J. & Mirrlees, J. A., 1980. "Optimal taxation in a stochastic economy : A Cobb-Douglas example," Journal of Public Economics, Elsevier, vol. 14(1), pages 1-29, August. [Downloadable!] (restricted)
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  2. Mirrlees, James A, 1971. "An Exploration in the Theory of Optimum Income Taxation," Review of Economic Studies, Blackwell Publishing, vol. 38(114), pages 175-208, April. [Downloadable!] (restricted)
  3. Miller, Preston J., 1984. "Income stability and economic efficiency under alternative tax schemes," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 20(1), pages 121-141, January. [Downloadable!] (restricted)
  4. Enders, Walter & Lapan, Harvey E, 1982. "Social Security Taxation and Intergenerational Risk Sharing," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 647-58, October. [Downloadable!] (restricted)
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  5. Stern, Nicholas, 1982. "Optimum taxation with errors in administration," Journal of Public Economics, Elsevier, vol. 17(2), pages 181-211, March. [Downloadable!] (restricted)
  6. Joseph E. Stiglitz, 1982. "Self-Selection and Pareto Efficient Taxation," NBER Working Papers 0632, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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