Public debt, taxation and government expenditures in a growing economy
In: Volkswirtschaftliche Schriften 375
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In: Volkswirtschaftliche Schriften 375
In: Studien zur angewandten Wirtschaftsforschung und Statistik aus dem Institut für Statistik und Ökonometrie der Universität Hamburg 7
In: Beiträge zur Wirtschaftsforschung 19
In: Beiträge zur Wirtschaftsforschung 14
In: Wirtschaftspolitische Studien 36
This book studies the sustainability and optimality of public debt under different scenarios: the closed economy, the small open economy, and a two-country setting. Sustainability refers to the existence and the stability of the long-run equilibrium. Optimality relates to the path of public debt that maximizes discounted utility. The analysis is conducted within the framework of the Solow model, the overlapping generations model and the infinite horizon model. The government can follow different strategies, it either fixes the deficit ratio or the tax rate. As a result, a fixed deficit ratio generally can be sustained. By contrast, a fixed tax rate generally cannot be sustained. Depending on the chosen fiscal strategy, there exists either an optimal deficit ratio or an optimal tax rate that maximizes the sum of consumption and government purchases per capita.
In: Contributions to Economics
The connection of economic theory and behavior is one of the central topics of this book - and also a central issue in economic thinking of Horst Todt to whom this book is dedicated. The contributions deal with topics of normative and descriptive decision-making: They investigate, for instance, the emergence of decisions or the role of imitation as a competitive principle. A number of contributions treat special decision-making problems on a micro or on a macro level, whereas others concentrate on the principle questions of decision-making or on the conceptualization of important but fuzzy notions like power or solidarity
In: Discussion paper 48
In: Europäische Hochschulschriften
In: Reihe 5, Volks- und Betriebswirtschaft 2095
In: Europäische Hochschulschriften
In: Reihe 5, Volks- und Betriebswirtschaft 983
In: Diskussionsbeiträge aus dem Institut für Theoretische Volkswirtschaftslehre 5/99
In: Schriftenreihe volkswirtschaftliche Forschungsergebnisse Band 209
In: Discussion papers in economic theory