实施修改后的黄金法则?再论不完全市场下的最优拉姆齐资本税

IF 2.9 4区 经济学 Q2 BUSINESS, FINANCE Federal Reserve Bank of St Louis Review Pub Date : 2017-02-13 DOI:10.20955/wp.2017.003
Yunmin Chen, YiLi Chien, C.C. Yang
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引用次数: 17

摘要

长期来看,拉姆塞资本税对异质性代理不完全市场经济的处方是什么?Aiyagari(1995)解决了这个问题,表明应该征收正资本税来实施满足所谓修正黄金法则的稳态分配。在他对拉姆齐问题的分析中,隐含了一个关键假设,即存在最优的稳态分配。本文重新审视了这个问题,发现了截然不同的结果。我们证明了最优拉姆齐分配可能没有稳定状态。我们的研究结果的关键在于不完全市场模型的特征,即在竞争均衡的稳定状态下,无风险利率低于时间贴现率。
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Implementing the Modified Golden Rule? Optimal Ramsey Capital Taxation with Incomplete Markets Revisited
What is the prescription of Ramsey capital taxes for the heterogeneous-agent incomplete-market economy in the long run? Aiyagari (1995) addressed the question, showing that a positive capital tax should be imposed to implement the steady-state allocation that satisfies the so-called modified golden rule. In his analysis of the Ramsey problem, a critical assumption implicitly made is the existence of steady-state allocations at the optimum. This paper revisits the issue and finds sharply different results. We demonstrate that the optimal Ramsey allocation may feature no steady state. The key to our results is embedded in the hallmark of incomplete-market models that the risk-free rate is lower than the time discount rate at the steady state in competitive equilibrium.
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自引率
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