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Optimality of the Friedman rule in economies with distorting taxes

Author: V V Chari; Lawrence J Christiano; Patrick J Kehoe; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, [1993]
Series: Working paper series (National Bureau of Economic Research), working paper no. 4443.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Abstract: We find conditions for the Friedman rule to be optimal in three standard models of money. These conditions are homotheticity and separability assumptions on preferences similar to those in the public finance literature on optimal uniform commodity taxation. We show that there is no connection between our results and the result in the standard public finance literature that intermediate goods should not be  Read more...
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Details

Named Person: Milton Friedman
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: V V Chari; Lawrence J Christiano; Patrick J Kehoe; National Bureau of Economic Research.
OCLC Number: 70045351
Notes: "August 1993."
Description: 1 online resource (27 pages).
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 4443.
Responsibility: V.V. Chari, Lawrence J. Christiano, Patrick J. Kehoe.

Abstract:

Abstract: We find conditions for the Friedman rule to be optimal in three standard models of money. These conditions are homotheticity and separability assumptions on preferences similar to those in the public finance literature on optimal uniform commodity taxation. We show that there is no connection between our results and the result in the standard public finance literature that intermediate goods should not be taxed.

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