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Intertemporal Distortions and Second Best Theory

Author

Listed:
  • Roc Armenter

    (Federal Reserve Bank of New York)

  • Stefania Albanesi

    (Columbia University)

Abstract

Summarizing, unless admissibility constraints rule out the eventual implementation of the first best, all intertemporal distortions must be transitional. Hence, only settings in which first best allocations are unattainable, such as private information economies, can provide a normative basis for asset taxation.

Suggested Citation

  • Roc Armenter & Stefania Albanesi, 2007. "Intertemporal Distortions and Second Best Theory," 2007 Meeting Papers 497, Society for Economic Dynamics.
  • Handle: RePEc:red:sed007:497
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    Cited by:

    1. Sanjay K. Chugh & S. Boragan Aruoba, 2009. "Money and Optimal Capital Taxation," 2009 Meeting Papers 69, Society for Economic Dynamics.

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