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Taxes and money in incomplete financial markets

Author

Listed:
  • Elena L. del Mercato

    (DIMAD - Dipartimento di Scienze Economiche e Statistiche - UNISA - Università degli Studi di Salerno = University of Salerno)

  • Antonio Villanacci

Abstract

We analyze a model with incomplete financial markets, where money is needed to pay taxes. Equilibria exist, are typically regular and not Pareto optimal. Moreover, generically, there exists a redistribution of money among households which leads to a Pareto superior equilibrium. The intervention occurs only in the first period and it does not require either closing markets or upper bounds on the number of households.

Suggested Citation

  • Elena L. del Mercato & Antonio Villanacci, 2006. "Taxes and money in incomplete financial markets," Post-Print halshs-00355427, HAL.
    • Handle: RePEc:hal:journl:halshs-00355427
    DOI: 10.1007/s10203-006-0058-0
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    Cited by:

    1. Jean-Marc Tallon, 1995. "Théorie de l'équilibre général avec marchés financiers incomplets," Revue Économique, Programme National Persée, vol. 46(5), pages 1207-1239.
    2. Matthew Hoelle, 2012. "Transaction costs and planner intervention," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 50(3), pages 603-634, August.

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