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UID:ee8fbc5cadba5ea46379a404e5bafb79
CATEGORIES:Seminars
CREATED:20230912T101552
SUMMARY:Lunch Seminar: Anastasios Karantounias - University of Surrey
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p>A general&nbsp;theory of tax-smoothing</p><p>Abstract:</p><p style="text
 -align: justify;">This paper organizes, reinterprets and extends the dynami
 c theory of optimal fiscal policy with a representative agent by &nbsp;usin
 g &nbsp;a generalized version of recursive preferences. I allow markets to 
 be &nbsp; complete or incomplete and study a &nbsp; policymaker that &nbsp;
  acts under &nbsp; commitment or discretion. I &nbsp;highlight the underlyi
 ng common &nbsp;principles that hide in each particular economic environmen
 t. The resulting theories are &nbsp;interpreted through &nbsp;the <em>exces
 s burden of taxation</em>, a multiplier, whose &nbsp;evolution &nbsp;gives 
 rise to different &nbsp;notions &nbsp;of ``tax-smoothing.'' &nbsp;Variants 
 of &nbsp;a &nbsp;law of motion in terms of the<em> inverse</em> excess burd
 en &nbsp;emerge in each environment when we allow for richer asset pricing 
 implications through recursive preferences.The basic policy prescription is
  simple and &nbsp;intuitive and revolves around interest rate manipulation:
  issue new &nbsp;debt and tax more in the future if this can lead to lower 
 interest rates today.</p>
DTSTAMP:20260424T193452Z
DTSTART:20231025T130000Z
DTEND:20231025T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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