BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:ee8fbc5cadba5ea46379a404e5bafb79
CATEGORIES:Seminars
CREATED:20230912T101552
SUMMARY:Lunch Seminar: Anastasios Karantounias - University of Surrey
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nA general theory of tax-smoothing\n\n\nAbstract:\nThis paper organ
 izes, reinterprets and extends the dynamic theory of optimal fiscal policy 
 with a representative agent by  using  a generalized version of r
 ecursive preferences. I allow markets to be   complete or incomplete a
 nd study a   policymaker that   acts under   commitment or d
 iscretion. I  highlight the underlying common  principles that hi
 de in each particular economic environment. The resulting theories are &nbs
 p;interpreted through  the excess burden of taxation, a multiplier, wh
 ose  evolution  gives rise to different  notions  of ``
 tax-smoothing.''  Variants of  a  law of motion in terms of 
 the inverse excess burden  emerge in each environment when we allow fo
 r richer asset pricing implications through recursive preferences.The basic
  policy prescription is simple and  intuitive and revolves around inte
 rest rate manipulation: issue new  debt and tax more in the future if 
 this can lead to lower interest rates today.\n
DTSTAMP:20260424T193157Z
DTSTART:20231025T130000Z
DTEND:20231025T140000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR