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Fiscal policy, wealth divergence, and lifetime utility (1996)

Ono, Yoshiyasu ; Ikeda, Shinsuke

Springer

Journal of economics 64 (1996), S. 265-280

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ISSN: 1617-7134

Keywords: fiscal spending ; heterogeneous agents ; lifetime utility ; F34 ; F41 ; E62

Source: Springer Online Journal Archives 1860-2000

Topics: Economics

Notes: Abstract Using a two-country dynamic optimization model where the less patient country decumulates and the more patient one accumulates wealth, we analyze spillover effects of lump-sum and consumption taxes. A lump-sum tax on a country definitely harms the other country through a change in the rate of interest. A lump-sum tax on either country always improves the less patient country's asset position. A consumption tax has no spillover effect, although it is Pareto-inferior. Applying these results into a closed-country context with heterogeneous agents, we also discuss policy implications of a discriminatory tax.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/BF01250129

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