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| Tekijä: | Ghiglino, C. Shell, K. |
| Otsikko: | The economic effects of restrictions on government budget deficits |
| Lehti: | Journal of Economic Theory
2000 : SEP, VOL. 94:1, p. 106-137 |
| Asiasana: | GOVERNMENT BUDGET OVERLAPPING-GENERATIONS MODELS |
| Kieli: | eng |
| Tiivistelmä: | In overlapping-generations economies with perfect financial markets and lump-sum taxation, restrictions on the government budget deficit do not limit the set of achievable allocations. For economies in which the tax instruments are distortionary and limited in number, this strong form of irrelevance does not hold even if markets are perfect. The authors propose a weaker definition of irrelevance (but natural) in which only a finite number of restrictions near the baseline deficit are considered. |
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