Title of article
Theory of tax smoothing in the small open economy
Author/Authors
Lance A. Fisher، نويسنده , , Geoffrey H. Kingston، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2004
Pages
7
From page
1
To page
7
Abstract
We derive necessary and sufficient conditions for the martingale-like behavior of tax rates. The world real interest rate is exogenous to the small domestic economy. Consumers are risk averse and markets are incomplete. The governmentʹs loss function is not ad hoc.
Keywords
Martingale , Small open economy , Incomplete markets , Ramsey problem
Journal title
Economics Letters
Serial Year
2004
Journal title
Economics Letters
Record number
435504
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