Taxes and money in incomplete financial markets |
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| Authors: | Elena L del Mercato Antonio Villanacci |
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| Institution: | (1) Dipartimento di Scienze Economiche e Statistiche, Università degli Studi di Salerno,;(2) Dipartimento di Matematica per le Decisioni, Università degli Studi di Firenze, |
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| Abstract: | Abstract
We analyze a model with incomplete financial markets, where money is needed to pay taxes. Equilibria exist, are typically
regular and not Pareto optimal. Moreover, generically, there exists a redistribution of money among households which leads
to a Pareto superior equilibrium. The intervention occurs only in the first period and it does not require either closing
markets or upper bounds on the number of households.
Mathematics Subject Classification (2000): 91B50
Journal of Economic Literature Classification: D52, D60, E50, H20 |
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| Keywords: | |
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