Optimal income tax in a monetary economy
This study examines the shape of an optimal income tax schedule in a monetary economy. In equilibrium, money’s role is to allocate resources across generations, while a tax-transfer scheme serves as a form of social insurance. It is found that the optimal real income tax with money can be progressive.
|Date of creation:||1984|
|Date of revision:|
|Publication status:||Published in Journal of Economic Dynamics and Control (Vol. 17, No. 3, May 1993, pp. 443-465)|
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- J. A. Mirrlees, 1971. "An Exploration in the Theory of Optimum Income Taxation," Review of Economic Studies, Oxford University Press, vol. 38(2), pages 175-208.
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"Optimal Taxation in a Stochastic Economy: A Cobb-Douglas Example,"
217, Massachusetts Institute of Technology (MIT), Department of Economics.
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- Stern, Nicholas, 1982. "Optimum taxation with errors in administration," Journal of Public Economics, Elsevier, vol. 17(2), pages 181-211, March.
- Miller, Preston J., 1984. "Income stability and economic efficiency under alternative tax schemes," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 20(1), pages 121-141, January.
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