Optimal public policy with endogenous mortality

Rangan Gupta and Emmanuel Ziramba

Journal of Economic Policy Reform, 2010, vol. 13, issue 3, 241-249

Abstract: We analyze the welfare‐maximizing policy mix between explicit and implicit taxation, where the probability of survival of the young agents depends upon the share of government expenditure on health, education and infrastructure. We show that increases in the survival probability lead to an increase in the reliance on seigniorage as a welfare maximizing outcome. However, the seigniorage tax base must be large enough for the benevolent planner to use the inflation tax.

Date: 2010
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Working Paper: Optimal Public Policy with Endogenous Mortality (2008)
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DOI: 10.1080/17487870.2010.503085

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