New Dynamic Public Finance: A User's Guide [with Comments and Discussion]

Mikhail Golosov · Aleh Tsyvinski · Iván Werning · Peter A. Diamond · Kenneth L. Judd

137 citations0/0 files storedNBER Macroeconomics Annual

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Fiscal Policy and Economic Growth Economic and Fiscal Studies Fiscal Policies and Political Economy

Abstract

This paper reviews recent advances in the theory of optimal policy in a dynamic Mirrlees setting, and contrasts this approach to the one based on the representative-agent Ramsey framework. We revisit three classical issues and focus on insights and results that contrast with those from the Ramsey approach. In particular, we illustrate, using a simple two period economy, the implications for capital taxation, tax smoothing, and time inconsistency.

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References

1971An Exploration in the Theory of Optimum Income Taxation 1979On the Determination of the Public Debt 1983Optimal fiscal and monetary policy in an economy without capital 1976The design of tax structure: Direct versus indirect taxation 1986Externalities in Economies with Imperfect Information and Incomplete Markets 1994Optimal income taxation : an example with a U-shaped pattern of optimal marginal tax rates 1985Repeated Moral Hazard 1993Optimal Fiscal Policy in a Business Cycle Model

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