Robust effects of a debt-financed tax cut in an economy with incomplete markets
Abstract We propose a two-period pure-exchange economy with spot and nominal security markets and a government that enacts a debt-financed tax cut in the first period and decrees a tax increase in the second one. We offer a counter-example to show that such fiscal policy affects the individual’s dec...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Divino, Jose Angelo [verfasserIn] |
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| Format: |
E-Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2021 |
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| Schlagwörter: |
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| Anmerkung: |
© The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021 |
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| Übergeordnetes Werk: |
Enthalten in: International tax and public finance - New York, NY : Springer Science + Business Media B.V., 1994, 29(2021), 1 vom: 10. März, Seite 191-200 |
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| Übergeordnetes Werk: |
volume:29 ; year:2021 ; number:1 ; day:10 ; month:03 ; pages:191-200 |
| Links: |
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| DOI / URN: |
10.1007/s10797-021-09660-7 |
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SPR04613011X |
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| 520 | |a Abstract We propose a two-period pure-exchange economy with spot and nominal security markets and a government that enacts a debt-financed tax cut in the first period and decrees a tax increase in the second one. We offer a counter-example to show that such fiscal policy affects the individual’s decisions through the Walrasian demand. The change in consumption allocation invalidates the Ricardian equivalence theorem in this economy even when the risk-free payoff belongs to the asset span. Moreover, this effect on real allocations is robust to small perturbations in the cost of public debt. The result is driven not by the incompleteness of the security markets, but by the no-matching between the risk-free return and the cost of the public debt. | ||
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10.1007/s10797-021-09660-7 doi (DE-627)SPR04613011X (SPR)s10797-021-09660-7-e DE-627 ger DE-627 rakwb eng Divino, Jose Angelo verfasserin (orcid)0000-0001-7359-7539 aut Robust effects of a debt-financed tax cut in an economy with incomplete markets 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021 Abstract We propose a two-period pure-exchange economy with spot and nominal security markets and a government that enacts a debt-financed tax cut in the first period and decrees a tax increase in the second one. We offer a counter-example to show that such fiscal policy affects the individual’s decisions through the Walrasian demand. The change in consumption allocation invalidates the Ricardian equivalence theorem in this economy even when the risk-free payoff belongs to the asset span. Moreover, this effect on real allocations is robust to small perturbations in the cost of public debt. The result is driven not by the incompleteness of the security markets, but by the no-matching between the risk-free return and the cost of the public debt. Ricardian equivalence theorem (dpeaa)DE-He213 Incomplete financial markets (dpeaa)DE-He213 Differentiability (dpeaa)DE-He213 Orrillo, Jaime aut Enthalten in International tax and public finance New York, NY : Springer Science + Business Media B.V., 1994 29(2021), 1 vom: 10. März, Seite 191-200 (DE-627)320568768 (DE-600)2016247-9 1573-6970 nnns volume:29 year:2021 number:1 day:10 month:03 pages:191-200 https://dx.doi.org/10.1007/s10797-021-09660-7 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2021 1 10 03 191-200 |
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10.1007/s10797-021-09660-7 doi (DE-627)SPR04613011X (SPR)s10797-021-09660-7-e DE-627 ger DE-627 rakwb eng Divino, Jose Angelo verfasserin (orcid)0000-0001-7359-7539 aut Robust effects of a debt-financed tax cut in an economy with incomplete markets 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021 Abstract We propose a two-period pure-exchange economy with spot and nominal security markets and a government that enacts a debt-financed tax cut in the first period and decrees a tax increase in the second one. We offer a counter-example to show that such fiscal policy affects the individual’s decisions through the Walrasian demand. The change in consumption allocation invalidates the Ricardian equivalence theorem in this economy even when the risk-free payoff belongs to the asset span. Moreover, this effect on real allocations is robust to small perturbations in the cost of public debt. The result is driven not by the incompleteness of the security markets, but by the no-matching between the risk-free return and the cost of the public debt. Ricardian equivalence theorem (dpeaa)DE-He213 Incomplete financial markets (dpeaa)DE-He213 Differentiability (dpeaa)DE-He213 Orrillo, Jaime aut Enthalten in International tax and public finance New York, NY : Springer Science + Business Media B.V., 1994 29(2021), 1 vom: 10. März, Seite 191-200 (DE-627)320568768 (DE-600)2016247-9 1573-6970 nnns volume:29 year:2021 number:1 day:10 month:03 pages:191-200 https://dx.doi.org/10.1007/s10797-021-09660-7 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2021 1 10 03 191-200 |
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10.1007/s10797-021-09660-7 doi (DE-627)SPR04613011X (SPR)s10797-021-09660-7-e DE-627 ger DE-627 rakwb eng Divino, Jose Angelo verfasserin (orcid)0000-0001-7359-7539 aut Robust effects of a debt-financed tax cut in an economy with incomplete markets 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021 Abstract We propose a two-period pure-exchange economy with spot and nominal security markets and a government that enacts a debt-financed tax cut in the first period and decrees a tax increase in the second one. We offer a counter-example to show that such fiscal policy affects the individual’s decisions through the Walrasian demand. The change in consumption allocation invalidates the Ricardian equivalence theorem in this economy even when the risk-free payoff belongs to the asset span. Moreover, this effect on real allocations is robust to small perturbations in the cost of public debt. The result is driven not by the incompleteness of the security markets, but by the no-matching between the risk-free return and the cost of the public debt. Ricardian equivalence theorem (dpeaa)DE-He213 Incomplete financial markets (dpeaa)DE-He213 Differentiability (dpeaa)DE-He213 Orrillo, Jaime aut Enthalten in International tax and public finance New York, NY : Springer Science + Business Media B.V., 1994 29(2021), 1 vom: 10. März, Seite 191-200 (DE-627)320568768 (DE-600)2016247-9 1573-6970 nnns volume:29 year:2021 number:1 day:10 month:03 pages:191-200 https://dx.doi.org/10.1007/s10797-021-09660-7 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2021 1 10 03 191-200 |
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10.1007/s10797-021-09660-7 doi (DE-627)SPR04613011X (SPR)s10797-021-09660-7-e DE-627 ger DE-627 rakwb eng Divino, Jose Angelo verfasserin (orcid)0000-0001-7359-7539 aut Robust effects of a debt-financed tax cut in an economy with incomplete markets 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021 Abstract We propose a two-period pure-exchange economy with spot and nominal security markets and a government that enacts a debt-financed tax cut in the first period and decrees a tax increase in the second one. We offer a counter-example to show that such fiscal policy affects the individual’s decisions through the Walrasian demand. The change in consumption allocation invalidates the Ricardian equivalence theorem in this economy even when the risk-free payoff belongs to the asset span. Moreover, this effect on real allocations is robust to small perturbations in the cost of public debt. The result is driven not by the incompleteness of the security markets, but by the no-matching between the risk-free return and the cost of the public debt. Ricardian equivalence theorem (dpeaa)DE-He213 Incomplete financial markets (dpeaa)DE-He213 Differentiability (dpeaa)DE-He213 Orrillo, Jaime aut Enthalten in International tax and public finance New York, NY : Springer Science + Business Media B.V., 1994 29(2021), 1 vom: 10. März, Seite 191-200 (DE-627)320568768 (DE-600)2016247-9 1573-6970 nnns volume:29 year:2021 number:1 day:10 month:03 pages:191-200 https://dx.doi.org/10.1007/s10797-021-09660-7 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2021 1 10 03 191-200 |
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Robust effects of a debt-financed tax cut in an economy with incomplete markets Ricardian equivalence theorem (dpeaa)DE-He213 Incomplete financial markets (dpeaa)DE-He213 Differentiability (dpeaa)DE-He213 |
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robust effects of a debt-financed tax cut in an economy with incomplete markets |
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Robust effects of a debt-financed tax cut in an economy with incomplete markets |
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Abstract We propose a two-period pure-exchange economy with spot and nominal security markets and a government that enacts a debt-financed tax cut in the first period and decrees a tax increase in the second one. We offer a counter-example to show that such fiscal policy affects the individual’s decisions through the Walrasian demand. The change in consumption allocation invalidates the Ricardian equivalence theorem in this economy even when the risk-free payoff belongs to the asset span. Moreover, this effect on real allocations is robust to small perturbations in the cost of public debt. The result is driven not by the incompleteness of the security markets, but by the no-matching between the risk-free return and the cost of the public debt. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021 |
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Abstract We propose a two-period pure-exchange economy with spot and nominal security markets and a government that enacts a debt-financed tax cut in the first period and decrees a tax increase in the second one. We offer a counter-example to show that such fiscal policy affects the individual’s decisions through the Walrasian demand. The change in consumption allocation invalidates the Ricardian equivalence theorem in this economy even when the risk-free payoff belongs to the asset span. Moreover, this effect on real allocations is robust to small perturbations in the cost of public debt. The result is driven not by the incompleteness of the security markets, but by the no-matching between the risk-free return and the cost of the public debt. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021 |
| abstract_unstemmed |
Abstract We propose a two-period pure-exchange economy with spot and nominal security markets and a government that enacts a debt-financed tax cut in the first period and decrees a tax increase in the second one. We offer a counter-example to show that such fiscal policy affects the individual’s decisions through the Walrasian demand. The change in consumption allocation invalidates the Ricardian equivalence theorem in this economy even when the risk-free payoff belongs to the asset span. Moreover, this effect on real allocations is robust to small perturbations in the cost of public debt. The result is driven not by the incompleteness of the security markets, but by the no-matching between the risk-free return and the cost of the public debt. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021 |
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