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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- Mirrlees, James A, 1971. "An Exploration in the Theory of Optimum Income Taxation," Review of Economic Studies, Wiley Blackwell, vol. 38(114), pages 175-208, April.
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- Joseph E. Stiglitz, 1981.
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NBER Working Papers
0632, National Bureau of Economic Research, Inc.
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217, Massachusetts Institute of Technology (MIT), Department of Economics.
- Diamond, P. A. & Helms, L. J. & Mirrlees, J. A., 1980. "Optimal taxation in a stochastic economy : A Cobb-Douglas example," Journal of Public Economics, Elsevier, vol. 14(1), pages 1-29, August.
- 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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