Sequential equilibria in a Ramsey tax model

Christopher Phelan and Ennio Stacchetti

No 258, Staff Report from Federal Reserve Bank of Minneapolis

Abstract: This paper presents a full characterization of the equilibrium value set of a Ramsey tax model. More generally, it develops a dynamic programming method for a class of policy games between the government and a continuum of consumers. By selectively incorporating Euler conditions into a strategic dynamic programming framework, we wed two technologies that are usually considered competing alternatives, resulting in a dramatic simplification of the problem.

Keywords: Macroeconomics; Taxation (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (3)

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Journal Article: Sequential Equilibria in a Ramsey Tax Model (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedmsr:258

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