(Non)optimality of the Friedman rule and optimal taxation in a growing economy with imperfect competition

This paper shows that if capital generates production externality, there exists a wedge between returns to money and to capital, driving the Friedman rule is not optimal. However, in the absence of capital externality, the Friedman rule may be valid even under imperfect competition.     

Optimal income taxation with human capital accumulation and limited record keeping

This paper characterizes optimal income taxes in a dynamic economy where human capital is unobservable and the government is restricted to use taxes that depend only on current income. I show that unobservability of human capital tends to decrease the labor wedge, while the effect on the human capital wedge is uncertain. I also analyze the relationship between optimal taxes in economies with and without endogenous human capital and identify two qualitative reasons why the optimal tax codes will differ. I perform numerical simulations to calculate the quantitative relevance of endogenous human capital formation for optimal tax policy. I find that endogenous human capital lowers marginal tax rates by about 9% on average, as compared with a static model without human capital.     

Existence of optimal strategies in linear multisector models

In this paper, we give a sufficient and almost necessary condition for the existence of optimal strategies in linear multisector models when time is continuous, consumption is limited to one commodity, the instantaneous utility is of the CES type, and available technology allows a positive growth rate.JEL Classification Numbers: C62, O41 We thank an anonymous referee of this journal for careful scrutiny and very useful suggestions     

关中—天水经济区城市群发展存在的问题及优化路径研究

城市是重要的要素集聚区和经济辐射源泉,城市群是促进城市合理分工和拓展功能的有效形式,在促进经济增长和推动城市化进程中发挥着重要作用。但关中—天水经济区城市群发展中存在城市群等级体系不健全,城市间分工协作程度较低、产业结构趋同化明显、协调机制不够健全等问题,应该从城市群等级体系、产业结构、城市一体化方面进行优化,以提升城市群整体竞争力和推动区域协调发展。     

中国上市公司资本结构动态调整机制研究

本文从动态角度对中国上市公司资本结构的调整行为进行了研究.结果表明,我国上市公司存在最优资本结构,整体上表现为负债不足,由于调整成本的存在使得公司在偏离最优水平后只能进行部分调整.调整速度会受到公司规模、成长性和偏离最优水平的程度等因素影响,而且会因时间、行业和公司规模的不同而存在显著差异.     

Optimal Taxes and Tariffs with Private Information

The implications of private information regarding a worker’s skills for optimal tax policy in an open economy are explored. Two cases are considered. In one general skills are private information and in the other sector-specific skills are private information. It is shown that for a small open economy tariffs and other equivalent trade distortions are not part of the optimal tax policy in either case. In both cases the optimal policy distorts the labor–leisure choice but only in the case of sector-specific skills as private information are labor allocation decisions distorted. For a large country, distortions that are equivalent to the standard optimal tariff formula characterize the optimal tax policy.