Optimal taxation and discount rate for public investment in a growth setting
Optimal taxation and discount rate for public investment in a growth setting
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增长环境下公共投资的最佳税收和贴现率
DOI：
10.1016/0047-2727(74)90012-7
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发表时间：
1974
期刊：
影响因子：
--
通讯作者：
P. Pestieau
中科院分区：
文献类型：
--
作者：
P. Pestieau
本文研究政府的最优政策，使跨期的社会福利最大化，使用这样的工具，如利息收入和工资税，债务与公共投资相结合。在这样做的时候，它必须面对一个分散的经济，在每一代人中，个人和公司都可以自由地最大限度地实现自己的目标，但要受到自己的私人约束。福利函数是贴现的世代效用的总和，并且其最大化通过使用动态规划来处理。从由此推导出的一阶条件来看，税收和公共资本积累的最优政策似乎是根据拉姆齐的最优税收结构设定税率，并使公共投资回报率等于社会时间偏好率。
This paper studies the optimal policy of a government which maximizes intertemporal social welfare using such instruments as taxes on interest income and wages, and debt in conjunction with public investment. In doing so, it has to face a decentralized economy where in each generation individuals and firms are free to maximize their own objectives subject to their own private constraints. The welfare function is a sum of discounted generational utilities and its maximization is handled by using dynamic programming. From the first order conditions so derived, it appears that an optimal policy of taxation and public capital accumulation is that which sets the tax rates according to Ramsey's optimal taxation structure and which equates the rate of return on public investment to the rate of social time preference.