Should capital be taxed?

Yunmin Chen; Yi Li Chien; Yi Wen; C. C. Yang

doi:10.1016/j.econlet.2021.109746

Should capital be taxed?

Yunmin Chen, Yi Li Chien, Yi Wen, C. C. Yang

經濟學系

研究成果: 雜誌貢獻 › 期刊論文 › 同行評審

2 引文斯高帕斯（Scopus）

摘要

We design an infinite-horizon heterogeneous-agents and incomplete-markets model to demonstrate analytically that in the absence of any redistributional effects of government policies, optimal capital tax is zero despite capital overaccumulation under precautionary savings and borrowing constraints. Our result indicates that in the long run public debt is a better tool than capital taxation to restore aggregate productive efficiency.

原文	???core.languages.en_GB???
文章編號	109746
期刊	Economics Letters
卷	200
DOIs	https://doi.org/10.1016/j.econlet.2021.109746
出版狀態	已出版 - 3月 2021

存取文件

10.1016/j.econlet.2021.109746

引用此

@article{dabebc43c1124181a9527598f671847b,

title = "Should capital be taxed?",

abstract = "We design an infinite-horizon heterogeneous-agents and incomplete-markets model to demonstrate analytically that in the absence of any redistributional effects of government policies, optimal capital tax is zero despite capital overaccumulation under precautionary savings and borrowing constraints. Our result indicates that in the long run public debt is a better tool than capital taxation to restore aggregate productive efficiency.",

keywords = "Government bonds, Heterogeneous agents, Incomplete markets, Modified golden rule, Optimal capital taxation, Ramsey problem, Wealth distribution",

author = "Yunmin Chen and Chien, {Yi Li} and Yi Wen and Yang, {C. C.}",

note = "Publisher Copyright: {\textcopyright} 2021 Elsevier B.V.",

year = "2021",

month = mar,

doi = "10.1016/j.econlet.2021.109746",

language = "???core.languages.en_GB???",

volume = "200",