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035   $a(NBER)w9492
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035   $a(OCoLC)707619628
035   $a(EXLCZ)993240000000018624
100   $a20230622d2003      fy             0
101 0 $aeng
135   $aurcnu||||||||
181   $ctxt$2rdacontent
182   $cc$2rdamedia
183   $acr$2rdacarrier
200 10$aConsumption Taxes and Economic Efficiency in a Stochastic OLG Economy /$fShinichi Nishiyama, Kent Smetters
210   $aCambridge, Mass$cNational Bureau of Economic Research$d2003
210  1$aWashington, DC :$cCongressional Budget Office,$d[2002]
215   $a1 online resource$cillustrations (black and white);
225 1 $aNBER working paper series$vno. w9492
300   $aFebruary 2003.
320   $aIncludes bibliographical references (pages 41-43).
330 3 $aFundamental tax reform is examined in a heterogeneous overlapping-generations (OLG) model in which agents face idiosyncratic earnings shocks and uncertain life spans. Following Auerbach and Kotlikoff (1987), a Lump-Sum Redistribution Authority is used to rigorously examine efficiency gains over the transition path. A progressive income tax is replaced with a flat consumption tax (for example, a value-added tax or a national retail sales tax). If shocks are insurable (that is, no risk), this reform improves (interim) efficiency, a result consistent with the previous literature. But if, more realistically, shocks are uninsurable, this reform reduces efficiency, even though national wealth and output increase over the entire transition path. This efficiency loss, in large part, stems from reduced intragenerational risk sharing that was previously provided by the progressive tax system
410  0$aWorking Paper Series (National Bureau of Economic Research)$vno. w9492.
606   $aGeneral$2jelc
606   $aTaxation, Subsidies, and Revenue$2jelc
615  7$aGeneral
615  7$aTaxation, Subsidies, and Revenue
686   $aH0$2jelc
686   $aH2$2jelc
700   $aNishiyama$b Shinichi$01363569
701   $aSmetters$b Kent$0292064
712 02$aNational Bureau of Economic Research.
801  0$bMaCbNBER
801  1$bMaCbNBER
906   $aBOOK
912   $a9910702926403321
996   $aConsumption Taxes and Economic Efficiency in a Stochastic OLG Economy$93384322
997   $aUNINA