Optimal income tax in a monetary economy

Preston J. Miller

No 244, Working Papers from Federal Reserve Bank of Minneapolis

Abstract: This study examines the shape of an optimal income tax schedule in a monetary economy. In equilibrium, money?s role is to allocate resources across generations, while a tax-transfer scheme serves as a form of social insurance. It is found that the optimal real income tax with money can be progressive.

Date: 1984
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Published in Journal of Economic Dynamics and Control (Vol. 17, No. 3, May 1993, pp. 443-465)

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