Optimal Taxation and Debt with Uninsurable Risks to Human Capital Accumulation

被引：21
|
作者：
Gottardi, Piero [1 ]
Kajii, Atsushi [2 ,3 ]
Nakajima, Tomoyuki [2 ,4 ]
机构：
[1] European Univ Inst, Dept Econ, I-50133 Florence, Italy
[2] Kyoto Univ, Inst Econ Res, Kyoto 6068501, Japan
[3] Singapore Management Univ, Singapore 178902, Singapore
[4] Canon Inst Global Studies, Tokyo, Japan
来源：
AMERICAN ECONOMIC REVIEW | 2015年 / 105卷 / 11期
关键词：
OPTIMAL FISCAL-POLICY; INCOME TAXATION; GROWTH-MODEL; EQUILIBRIUM; DYNAMICS;
D O I：
10.1257/aer.20110576
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We consider an economy where individuals face uninsurable risks to their human capital accumulation and analyze the optimal level of linear taxes on capital and labor income together with the optimal path of government debt. We show that in the presence of such risks, it is beneficial to tax both labor and capital and to issue public debt. We also assess the quantitative importance of these findings, and show that the benefits of government debt and capital taxes both increase with the magnitude of idiosyncratic risks and the degree of relative risk aversion.
引用
收藏
页码：3443 / 3470
页数：28
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