ing for convenience from price-level changes, suppose now that the current rate of return on the one-period government debt, r, differs from that applicable in the previous period, r(1. It is assumed that anticipated rates of return for future periods are still equal to the current rate, r. In the case of the one-period debt that is being considered, the government's budget condition of equatio...

Benhabib and Rustichini [Optimal taxes without commitment, J. Econ. Theory 77 (1997) 231–259] study the properties of optimal capital taxes in economies without commitment and no government debt. They find that capital taxes may be different from zero at steady state. This note shows that, once governments have the possibility of issuing debt and smoothing taxes over time, optimal steady state ...

The war waged by the Russian Federation against Ukraine led to a sharp rise in risks of revenue mobilization and increase expenditures. need attract significant amounts additional resources, particular, expanding borrowing has arisen. A debt financing was not foreseen medium-term plans, which complicates management decision making during war. At same time, from internal sources is carried out w...