The Economic Effects of Restrictions on Government Budget Deficits
نویسندگان
چکیده
منابع مشابه
The Economic Effects of Restrictions on Government Budget Deficits
In overlapping-generations economies with perfect financial markets and lumpsum taxation, restrictions on the government budget deficit do not limit the set of achievable allocations. For economies in which the tax instruments are distortionary and limited in number, this strong form of irrelevance does not hold even if markets are perfect. We propose a weaker (but natural) definition of irrele...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2000
ISSN: 0022-0531
DOI: 10.1006/jeth.1999.2628