Optimal time-consistent taxes, money supply, internal and external borrowing in the Sidrausky model
The project provides a characterization of optimal non-stationary financial policies in the Sidrausky model with initial debt and threshold consumption which specifies the Phelps relation. The range of the nominal interest rate, and the gain from the difference between internal and external interest rates are also investigated. Finally, the project also supposes an exploration of behavior of trajectories, which are the same as in a cash-in-advance model, and a study of the time-consistency problem.
|Date of creation:||19 Jul 2004|
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