War Finance

Henry Siu

No 28, 2004 Meeting Papers from Society for Economic Dynamics

Abstract: In this paper I quantify the value of conscription as a state-contingent capital levy in the face of stochastic war-and-peace shocks. I construct a model in which the Ramsey planner is subject to a restricted set of fiscal instruments, characterize optimal policy and the role of conscription, and perform a calibrated comparison with the US financing of its WWII effort.

Keywords: optimal; fiscal; policy (search for similar items in EconPapers)
JEL-codes: E6 (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed004:28

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