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(9.14)高级经济学讲座第187期
发布时间:2017-09-12 10:08:31    编辑:王永军    点击:[]

一、报告题目
Implementing the Modified Golden Rule? Optimal Ramsey Taxation with Incomplete
Markets Revisited

 

二、报告人
Dr. Yunmin Chen, postdoctoral researcher, Institute of Economics, Academia Sinica, Taiwan

 

三、报告时间
2017年9月14日(周四)上午10:00-11:30

 

四、报告地点
知新楼B321

 

五、报告人简介
Dr. Yunmin Chen is a postdoctoral researcher in Institute of Economics, Academia Sinica, Taiwan. Her fields of specialty are public economics, macroeconomics and contract theory.

 

六、报告摘要
What is the prescription of Ramsey capital taxes for Aiyagari’s (1994) incomplete-markets economy in the long run? Aiyagari (1995) addressed the question and showed that positive capital taxation shold be imposed to implement the so-called modified golden rule. This paper revisits the issue and finds sharply different results. Working with the power utility function, we demonstrate: (i) the shadow price of resources must diverge in the limit, and (ii) the steady state may fail to exist at the optimum. The key to our results is embedded in the hallmark of incomplete markets that the risk-free rate is lower than the time discount rate in the steady state.


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