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Download Economic Policy in Theory and Practice by Assaf Razin, Helga Zichner, Efraim Sadka PDF

By Assaf Razin, Helga Zichner, Efraim Sadka

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This has two implications: (i) part of the burden of the deficit falls on the current generation - basically the present value (PV) of the taxes to pay the interest, which will be levied on the current generation. Still, because of mortality (finite life), the taxes paid by the current generation must be a declining fraction of the taxes collected to pay interest in successive years. Therefore, the PV of those taxes must, necessarily, be less than the taxes the current generation has saved itself through the deficit; (ii) the deficit may have some transitory effects on the accumulation and the stock of privately held wealth, to the extent that the private sector is a highly rational calculator and a smoother of consumption.

But, on the other hand, buses may cause less congestion per passenger trip than private cars, so that we may want to divert passengers from cars to buses by subsidising bus rides. With a common facility, no clear cut result about the sign of the optimal congestion toll on buses can be obtained. With separate facilities, Bergias, Fresko and Pines show that the toll should be positive under quite plausible assumptions. A survey of corporate taxation in the US is provided in Aian Auerbach's paper.

Krueger observes that these transfers fell sharply in the early 1980s. The shifts in the non-interest current account relative to real income in developing countries implied staggering adjustments in the domestic economy. But from the viewpoint of policymakers in developing countries there will be high costs entailed in failing to adjust further should the real interest rate remain high. The paper by Ronald Findlay and John Wilson is an attempt to provide a general equilibrium type theory of the state.

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