Who's afraid of the public debt?

Article Abstract:

An increase in public debt may cause concern because of factors relating to financial crowding out, tax smoothing, inflation and bankruptcy of the exchequer. The financial crowding-out element increases the importance of how the tax-transfer and borrowing programs of the government redistribute resources. The two types of heterogeneity that exist in simple finite-lifetime overlapping-generations models relate to the young and the old and to existing and future generations. The alternative of public lending or borrowing becomes more important when tax-transfer options are restricted.

National debt, Public debts, Budget deficits

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Sovereign debt as intertemporal barter

Article Abstract:

Debt between sovereign nations are portrayed as intertemporal barter relationships, lacking any supranational enforcement authority, which, historically, have proven profitable to lenders even when payment defaults have occurred.

Sovereign debt market

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Optimal income taxation: an example with a U-shaped pattern of optimal marginal tax rates: comment

Article Abstract:

In this paper, specific economic assumptions affecting the shape of marginal tax rates are examined, and the optimization of this structure is shown to be influenced by income and the utility of consumption.

Tax rates

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