The optimality of the Friedman rule when some distorting taxes are exogenous

被引：8

作者：

Cunha, Alexandre B. ^{[1
]}

机构：

[1] IBMEC Business Sch, BR-20030020 Rio De Janeiro, Brazil

来源：

ECONOMIC THEORY | 2008年 / 35卷 / 02期

关键词：

Friedman rule; optimal monetary policy; exogenous taxes;

D O I：

10.1007/s00199-007-0236-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The Friedman rule is a feature of optimal policies in several monetary models. However, if the Ramsey planner does not have access to a complete set of tax instruments, then that policy prescription often fails to be optimal. In this paper we investigate the relation between the optimality of the Friedman rule and existing tax instruments. The availability of consumption taxes constitutes a sufficient condition for the optimality of the Friedman rule. Moreover, there are cases in which these taxes are not available and that policy prescription is still optimal.

引用

页码：267 / 291

页数：25

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