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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)

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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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Publisher 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
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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

Other versions of this item:

Find related papers by JEL classification:
H2 - Public Economics - - Taxation, Subsidies, and Revenue
H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
I1 - Health, Education, and Welfare - - Health
I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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  1. Pierre-Richard Agénor, 2005. "Health and Infrastructure in Models of Endogenous Growth," The School of Economics Discussion Paper Series 0539, Economics, The University of Manchester. [Downloadable!]
    Other versions:
  2. Barro, Robert J. & Sala-i-Martin, Xavier, 1992. "Public Finance in Models of Economic Growth," CEPR Discussion Papers 630, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  3. Pierre-Richard Agénor, 2006. "A Theory of Infrastructure-led Development," Centre for Growth and Business Cycle Research Discussion Paper Series 83, Economics, The Univeristy of Manchester. [Downloadable!]
  4. Rangan Gupta & Emmanuel Ziramba, 2008. "Tax Evasion and Financial Repression: A Reconsideration Using Endogenous Growth Models," Working Papers 200808, University of Pretoria, Department of Economics.
  5. Rangan Gupta, 2004. "Costly State Monitoring and Reserve Requirements," Working papers 2004-33, University of Connecticut, Department of Economics, revised Jul 2005. [Downloadable!]
  6. Joseph H. Haslag & Jahyeong Koo, 1999. "Financial repression, financial development and economic growth," Working Papers 99-02, Federal Reserve Bank of Dallas. [Downloadable!]
  7. Ken-ichi Hashimoto & Ken Tabata, 2005. "Health Infrastructure, Demographic Transition and Growth," Review of Development Economics, Blackwell Publishing, vol. 9(4), pages 549-562, November. [Downloadable!] (restricted)
  8. Marco Espinosa & Chong K. Yip, 1996. "An endogenous growth model of money, banking, and financial repression," Working Paper 96-4, Federal Reserve Bank of Atlanta. [Downloadable!]
  9. Rangan Gupta, 2006. "Asymmetric Information, Tax Evasion and Alternative Instruments of Government Revenue," The Icfai Journal of Monetary Economics, Icfai Press, vol. 0(1), pages 75 - 89, February.
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  10. Rangan Gupta & Emmanuel Ziramba, 2008. "Misalignment in the Growth-Maximizing Policies under Alternative Assumptions of Tax Evasion," Working Papers 200819, University of Pretoria, Department of Economics. [Downloadable!]
  11. Bacchetta, Philippe & Caminal, Ramon, 1992. "Optimal seigniorage and financial liberalization," Journal of International Money and Finance, Elsevier, vol. 11(6), pages 518-538, December. [Downloadable!] (restricted)
  12. Rangan Gupta & Emmanuel Ziramba, 2008. "Costly Tax Enforcement and Financial Repression: A Reconsideration Using an Endogenous Growth Model," Working Papers 200820, University of Pretoria, Department of Economics. [Downloadable!]
  13. Rangan Gupta & Emmanuel Ziramba, 2008. "Costly Tax Enforcement and Financial Repression," Working Papers 200818, University of Pretoria, Department of Economics.
  14. Pierre Richard Agénor & Kyriakos C. Neanidis, 2006. "The Allocation of Public Expenditure and Economic Growth," The School of Economics Discussion Paper Series 0608, Economics, The University of Manchester. [Downloadable!]
  15. Rangan Gupta & Emmanuel Ziramba, 2008. "Openness, Bureaucratic Corruption and Public Policy in an Endogenous Growth Model," Working Papers 200817, University of Pretoria, Department of Economics. [Downloadable!]
  16. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S103-26, October. [Downloadable!] (restricted)
    Other versions:
  17. Basu, Parantap, 2001. "Reserve Ratio, Seigniorage and Growth," Journal of Macroeconomics, Elsevier, vol. 23(3), pages 397-416, July. [Downloadable!] (restricted)
  18. Aisa, Rosa & Pueyo, Fernando, 2006. "Government health spending and growth in a model of endogenous longevity," Economics Letters, Elsevier, vol. 90(2), pages 249-253, February. [Downloadable!] (restricted)
  19. Chakraborty, Shankha, 2004. "Endogenous lifetime and economic growth," Journal of Economic Theory, Elsevier, vol. 116(1), pages 119-137, May. [Downloadable!] (restricted)
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  20. Helle Bunzel & Xue Qiao, 2005. "Endogenous lifetime and economic growth revisited," Economics Bulletin, Economics Bulletin, vol. 15(8), pages 1-8. [Downloadable!]
    Other versions:
  21. Joseph H. Haslag & Eric R. Young, 1998. "Money Creation, Reserve Requirements, and Seigniorage," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(3), pages 677-698, July. [Downloadable!] (restricted)
    Other versions:
  22. Haslag, Joseph H. & Hein, Scott E., 1995. "Does it matter how monetary policy is implemented?," Journal of Monetary Economics, Elsevier, vol. 35(2), pages 359-386, April. [Downloadable!] (restricted)
    Other versions:
  23. Rangan Gupta, 2008. "Currency Substitution and Financial Repression," Working Papers 200806, University of Pretoria, Department of Economics. [Downloadable!]
  24. Pierre-Richard Agénor, 2006. "A Theory of Infrastructure-led Development," The School of Economics Discussion Paper Series 0640, Economics, The University of Manchester. [Downloadable!]
  25. V.V. Chari & Larry E. Jones & Rodolfo E. Manuelli, 1995. "The growth effects of monetary policy," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall, pages 18-32. [Downloadable!]
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