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Public debt in an OLG model with imperfect competition

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Author Info

  • Peter Skott

    ()
    (University of Massachusetts Amherst)

  • Soon Ryoo

    ()
    (Adelphi University)

Abstract

Fiscal policy is needed to avoid dynamic inefficiency and maintain full employment in a modified Diamond OLG model with imperfect competition. A distributionally neutral tax scheme can maintain full employment in the face of variations in .household confidence.. No variations in taxes will be needed if households correctly anticipate future taxes: the tax policy functions as an insurance scheme. JEL Categories: E62, E22

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Bibliographic Info

Paper provided by University of Massachusetts Amherst, Department of Economics in its series UMASS Amherst Economics Working Papers with number 2011-25.

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Date of creation: Oct 2011
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Handle: RePEc:ums:papers:2011-25

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Related research

Keywords: Public debt; Keynesian OLG model; dynamic effeciency; confidence.;

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  1. Schlicht, Ekkehart, 2004. "Public Debt as Private Wealth," Discussion Papers in Economics 371, University of Munich, Department of Economics.
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Cited by:
  1. Soon Ryoo & Peter Skott, 2011. "Public debt and full employment in a stock-flow consistent model of a corporate economy," UMASS Amherst Economics Working Papers 2011-26, University of Massachusetts Amherst, Department of Economics.

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