Optimal Taxation and Debt with Uninsurable Risks to Human Capital Accumulation

• المؤلفون الرئيسيون: GOTTARDI, Piero, KAJII, Atsushi, NAKAJIMA, Tomoyuki
• التنسيق: text
• اللغة: English
• منشور في: Institutional Knowledge at Singapore Management University 2015
• الموضوعات: Incomplete markets; Ramsey equilibrium; optimal taxation; optimal public debt; Economic Theory; Finance
• الوصول للمادة أونلاين: https://ink.library.smu.edu.sg/soe_research/1799; https://ink.library.smu.edu.sg/context/soe_research/article/2798/viewcontent/aer_2E20110576.pdf
• المؤسسة: Singapore Management University

We consider an economy where individuals face uninsurable risks to their human capital accumulation and analyze the optimal level of linear taxes on capital and labor income together with the optimal path of government debt. We show that in the presence of such risks, it is beneficial to tax both la...