Optimal fiscal and monetary policy in an economy without capital

This paper is concerned wiht the structure and time-consistency of optimal fiscal and monetary policy in an economy without capital. In a dynamic context, optimal taxation means distributing tax distortions over time in a welfare-maximizing way. For a barter economy, our main finding is that with de...

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Bibliographic Details
Main Authors: Lucas, Robert E, Stokey, Nancy L
Format: Book
Published: Rochester Graduate School of Management. University of Rochester July 1983
Series:Journal of Monetary Economics n. 1
Subjects: