Intertemporal Distortions and Second Best Theory
AbstractSummarizing, unless admissibility constraints rule out the eventual implementation of the first best, all intertemporal distortions must be transitional. Hence, only settings in which first best allocations are unattainable, such as private information economies, can provide a normative basis for asset taxation.
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Bibliographic InfoPaper provided by Society for Economic Dynamics in its series 2007 Meeting Papers with number 497.
Date of creation: 2007
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