(Non)optimality of the Friedman rule and optimal taxation in a growing economy with imperfect competition |
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| Authors: | Ming-Fu Shaw Juin-Jen Chang Ching-Chong Lai |
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| Institution: | aDepartment of Industrial Economics, Tamkang University, Taiwan;bInstitute of Economics, Academia Sinica, Department of Economics, Fu-Jen Catholic University, Nankang, Taipei 115, Taiwan;cInstitute of Economics, Academia Sinica, Institute of Economics, National Sun Yat-Sen University, Taiwan |
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| Abstract: | 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. |
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| Keywords: | Optimal fiscal and monetary policy Economic growth Imperfect competition |
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