Intertemporal Distortions and Second Best Theory
Roc Armenter () and
Stefania Albanesi ()
No 497, 2007 Meeting Papers from Society for Economic Dynamics
Summarizing, unless admissibility constraints rule out the eventual implementation of the first best, all intertemporal distortions must be transitional. Hence, only settings in which first best allocations are unattainable, such as private information economies, can provide a normative basis for asset taxation.
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