The New Dynamic Public Finance

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1、TheNewDynamicPublicFinanceNarayanaR.KocherlakotaUniversityofMinnesotaSeptember16,2009CTContents1Introduction11.1Scope....................................41.2Lessons...................................61.2.1Lesson1:OptimalityofAssetIncomeTaxes...........61.2.2Lesson2:AnOptimalAssetIn

2、comeTaxSystem.........71.2.3Lesson3:OptimalBequestTaxesandIntergenerationalTrans-mission................................81.2.4Lesson4:IndividualRicardianEquivalenceandSocialSecurity91.3Structure..................................101.4References..................................122Th

3、eRamseyApproachAndItsProblems162.1ASimpleModelofGovernmentFinance.................172.2TheDynamicRamseyTaxationProblem:Setup.............19iiiii2.3TheDynamicRamseyTaxationProblem:Solution............232.4ProblemswiththeRamseyApproach...................282.4.1OverlappingGenerationsE

4、conomies................292.4.2MonetaryPolicy..........................302.4.3AnotherWaytoProceed:TheMirrleesApproach........312.5Summary..................................332.6TechnicalNotes...............................332.6.1ProofofProposition1.......................342.6.2Proof

5、ofProposition2.......................372.7References..................................383BasicsofDynamicSocialContracting403.1ClassofEnvironments...........................423.2Incentive-Compatibility...........................453.3RemarksonIncentive-Compatibility..................

6、..493.3.1ButPeopleDoLieintheRealWorld!...............493.3.2TheRangeofMimickingStrategies................503.3.3Centralization?...........................513.4ParetoOptimalAllocations........................533.5TheReciprocalEulerEquation......................553.5.1ParetoOptimaWit

7、houtPrivateInformation:TwoEulerEquations55iv3.5.2ReciprocalEulerEquation:DerivationwithPrivateInformation573.5.3RobustnessoftheReciprocalEulerEquation...........613.5.4FailureoftheStandardEulerEquation..............623.6DynamicsofParetoOptimalConsumption................663.6.1Histo

8、ryIndependence............