The optimal mix of taxes on money,consumption and income |
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| Institution: | 1. Directorate General Research, European Central Bank, Kaiserstrasse 29, 60311, Frankfurt am Main, Germany;2. Research Department, Federal Reserve Bank of Chicago, 230 S. LaSalle Street, Chicago, IL 60604, USA;3. Centre for Economic Policy Research, London, UK;4. Banco de Portugal, Lisbon, Portugal;5. Universidade Catolica Portuguesa, Lisbon, Portugal;1. Instituto de Ingeniería Química, Facultad de Ingeniería, Universidad de la República, Julio Herrera y Reissig 565, CP 11300 Montevideo, Uruguay;2. Institut Langevin – Ondes et Images, ESPCI ParisTech, PSL Research University, CNRS UMR 7587, INSERM U979, 1 rue Jussieu, 75005 Paris, France;3. Laboratorio Acústica Ultrasonora, Instituto de Física, Facultad de Ingeniería, Universidad de la República, Iguá 4225, CP 11400 Montevideo, Uruguay;1. Department of Medical Sociology, University Medical Centre Hamburg-Eppendorf, Martinistraße 52, 20246 Hamburg, Germany;2. Psychosis Centre, Department for Psychiatry and Psychotherapy, University Medical Center Hamburg-Eppendorf, Germany;3. Center for Public Mental Health, Untere Zeile 13, 3482 Gösing am Wagram, Austria;1. Escola Nacional de Saúde Pública (Universidade Nova de Lisboa), Avenida Padre Cruz, 1600-5605 Lisbon, Portugal;2. Banco de Portugal, Rua do Comércio 148, 1100-150 Lisbon, Portugal;3. Nova School of Business and Economics (Universidade Nova de Lisboa) , Campus de Campolide, 1099-032 Lisbon, Portugal;1. Department of Biochemistry and Molecular Genetics, University of Virginia Medical School, Charlottesville, VA 22908, USA;2. Department of Biochemistry and Molecular Genetics, Feinberg School of Medicine, Northwestern University, Chicago, IL 60611, USA;3. Robert H. Lurie Comprehensive Cancer Center, Feinberg School of Medicine, Northwestern University, 320 E. Superior Street, Chicago, IL 60611, USA;1. Faculty of Medical Sciences, University of Kragujevac, Kragujevac, Serbia;2. Psychology Department, State University of Novi Pazar, Novi Pazar, Serbia;3. International Mood Center, University of California, San Diego, CA, USA;1. VA San Diego Healthcare System, VISN-22 Mental Illness Research, Education, and Clinical Center, San Diego, CA 92161, USA;2. University of California, San Diego, Department of Psychiatry, La Jolla, CA 92161, USA;3. VA San Diego Healthcare System, Psychology Service, San Diego, CA 92161,USA;4. VA San Diego Healthcare System, Center for Excellence in Stress and Mental Health, San Diego, CA 92161, USA |
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| Abstract: | We determine the optimal combination of taxes on money, consumption and income in transactions technology models where exogenous government expenditures must be financed with distortionary taxes. We show that the optimal policy does not tax money, regardless of whether the government can use as alternative fiscal instruments an income tax, a consumption tax, or the two taxes jointly. These results are at odds with recent literature. We argue that the reason for this divergence is an inappropriate specification of the transactions technology adopted in the literature. |
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