eTextbook: The New Dynamic Public Finance

Book Jacket Image

List Price 1: $46.95

Rent for 6 months *$18.78

* 6 months - expires 10/16/14
You save $28.17

Prices do not include sales tax, which may apply.

List Price 1: $46.95

eTextbook Purchase: $37.56

You save $9.39

Are you a school looking to buy multiple copies of this book?

  • Free Book Promotion

    For a limited time, this book is eligible for free.

    Click here to redeem the Facebook Offer

    Author(s): Kocherlakota, Narayana R.

    ISBN 10: 0691139156. See all ISBN's

    ISBN 13: 9780691139159

    Edition:

    Publisher: Princeton University Press

    This is an eTextbook Learn More

    Description:

    Optimal 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.

    All ISBN's for this title:

    ISBN 10: 0691139156, ISBN 13: 9780691139159, eISBN 10: 1400835275, eISBN 13: 9781400835270

    1. List price can refer to either the digital or print list price, whichever is available to Kno.
  • Cool Product Features

    Kno In Action

    Search

    Journal

    Flashcards

    Kno Me

    Smart Links