The New Dynamic Public Finance
- ISBN-10
- 1400835275
- ISBN-13
- 9781400835270
- Category
- Business & Economics
- Pages
- 200
- Language
- English
- Published
- 2010-07-01
- Publisher
- Princeton University Press
- Author
- Narayana R. Kocherlakota
Description
Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.
Get the book
Similar books
-
Taxation for Decision Makers, Binder Ready Version
By Shirley Dennis-Escoffier, Karen A. Fortin[LO 8.2] The Timberlake Corporation has an opportunity to sell its manufacturing facility to Carroll Corporation for $4,500,000. The property has a basis of ...
-
Taxation for Decision Makers, 2019 Edition
By Shirley Dennis-Escoffier, Karen A. Fortin[LO 9.2] The Timberlake Corporation has an opportunity to sell its manufacturing facility to Carroll Corporation for $4,500,000. The property has a basis of ...
-
Taxation for Decision Makers, 2020
By Shirley Dennis-Escoffier, Karen A. Fortin[LO 9.2] The Timberlake Corporation has an opportunity to sell its manufacturing facility to Carroll Corporation for $4,500,000. The property has a basis of ...
-
Keeping House in Lusaka
By Karen Tranberg Hansen1934. Memorandum on the Native Tribes and Tribal Areas of Northern Rhodesia . Lusaka : Government Printer . Timberlake , Michael , ed . 1985.
-
Encyclopedia of Community: From the Village to the Virtual World
By DAVID LEVINSON, KAREN CHRISTENSENTimberlake, L. (1987). Only one Earth. London: BBC Books: Earthscan. Tinker, I. (1987). Street foods: Testing assumptions about informal sector by women and ...
-
Taxation for Decision Makers 2006
By Shirley Dennis-Escoffier, Karen FortinThe Timberlake Corporation has an opportunity to sell its manufacturing facility to Carroll Corporation for $ 4,500,000 . The property has a basis of ...
-
Handbook of Organizational Performance: Behavior Analysis and Management
By William K Redmon, Thomas C Mawhinney, Carl Merle JohnsonTimberlake (1980, 1984) promulgated a behavioral-regulation analysis of learned performance that emphasizes the importance of behavioral.
-
Money and the Rule of Law: Generality and Predictability in Monetary Institutions
By Peter J. Boettke, Alexander William Salter, Daniel J. Smith190; Timberlake 1993, pp. 356–357). By increasing fiscal expenditures, President Carter may have successfully cornered the Fed into delaying tighter ...
-
Economic Politics: The Costs of Democracy
By William R. Keech, William R Keech( Timberlake , 1993 , p . 4 ) The same was true of the second Bank of the United States , which was chartered in 1816. However , under the leadership of ...
-
Handbook of Organizational Performance: Behavior Analysis and Management
By William K Redmon, Thomas C Mawhinney, Carl Merle JohnsonSchlinger, H. and Blakely, E. (1987). Function-altering effects of ... Timberlake, W. and Allison, J. (1974). Response deprivation: An empirical 48 HANDBOOK ...