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Optimal Public Policy with Endogenous Mortality

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Author Info

  • Rangan Gupta

    ()
    (Department of Economics, University of Pretoria)

  • Emmanuel Ziramba

    ()
    (Department of Economics, University of South Africa)

Abstract

Using a monetary pure-exchange overlapping generations model, where the probability of survival of the young agents depends upon share of government expenditure on health, education and infrastructure, we analyze the welfare-maximizing policy mix between explicit and implicit taxation. We show that increases in the survival probability lead to an increase in the reliance on seigniorage as a welfare maximizing outcome. However, for our results to hold, the seigniorage tax base must be large enough for the benevolent planner to use the inflation tax.

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Bibliographic Info

Paper provided by University of Pretoria, Department of Economics in its series Working Papers with number 200829.

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Length: 15 pages
Date of creation: Aug 2008
Date of revision:
Handle: RePEc:pre:wpaper:200829

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Related research

Keywords: Monetary Pure Exchange Overlapping Generations Model; Probability of Survival; Welfare Maximizing Policy Mix;

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