LEADER 04173nam 2200709 a 450 001 9910458429703321 005 20200520144314.0 010 $a1-282-56927-9 010 $a9786612569272 010 $a1-4008-3527-5 024 7 $a10.1515/9781400835270 035 $a(CKB)2560000000011340 035 $a(EBL)537690 035 $a(OCoLC)642661753 035 $a(SSID)ssj0000423982 035 $a(PQKBManifestationID)11257338 035 $a(PQKBTitleCode)TC0000423982 035 $a(PQKBWorkID)10468680 035 $a(PQKB)11432513 035 $a(MiAaPQ)EBC537690 035 $a(OCoLC)649909867 035 $a(MdBmJHUP)muse36712 035 $a(DE-B1597)446858 035 $a(OCoLC)979968497 035 $a(DE-B1597)9781400835270 035 $a(Au-PeEL)EBL537690 035 $a(CaPaEBR)ebr10392346 035 $a(CaONFJC)MIL256927 035 $a(EXLCZ)992560000000011340 100 $a20091218d2010 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe new dynamic public finance$b[electronic resource] /$fNarayana R. Kocherlakota 205 $aCourse Book 210 $aPrinceton $cPrinceton University Press$dc2010 215 $a1 online resource (230 p.) 225 1 $aToulouse lectures in economics 300 $aDescription based upon print version of record. 311 $a0-691-13915-6 320 $aIncludes bibliographical references and index. 327 $t Frontmatter -- $tContents -- $tPreface -- $t1. Introduction -- $t2. The Ramsey Approach and Its Problems -- $t3. Basics of Dynamic Social Contracting -- $t4. Dynamic Optimal Taxation: Lessons for Macroeconomists -- $t5. Optimal Intergenerational Taxation -- $t6. Quantitative Analysis: Methods and Results -- $t7. The Way Forward -- $tIndex 330 $aOptimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research. 410 0$aToulouse lectures in economics. 606 $aFiscal policy$xMathematical models 606 $aTaxation$xMathematical models 606 $aFinance, Public$xMathematical models 608 $aElectronic books. 615 0$aFiscal policy$xMathematical models. 615 0$aTaxation$xMathematical models. 615 0$aFinance, Public$xMathematical models. 676 $a336.001/5195 700 $aKocherlakota$b Narayana Rao$f1963-$0634112 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910458429703321 996 $aThe new dynamic public finance$92455971 997 $aUNINA