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Markets as beneficial constraints on the government

Publication ,  Journal Article
Bisin, A; Rampini, AA
Published in: Journal of Public Economics
May 1, 2006

We study the role of anonymous markets in which trades cannot be monitored by the government. We adopt a Mirrlees approach to analyze economies in which agents have private information and a benevolent government controls optimal redistributive tax policy. While unrestricted access to anonymous markets reduces the set of policy instruments available to the government, it also limits the scope of inefficient redistributive policies when the government lacks commitment. Indeed, the restrictions that anonymous markets impose on the optimal fiscal policy, especially on capital taxation and the history-dependence of income taxation, can have positive welfare effects in this case. © 2005 Elsevier B.V. All rights reserved.

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Published In

Journal of Public Economics

DOI

ISSN

0047-2727

Publication Date

May 1, 2006

Volume

90

Issue

4-5

Start / End Page

601 / 629

Related Subject Headings

  • Economics
  • 3803 Economic theory
  • 3801 Applied economics
  • 1403 Econometrics
  • 1402 Applied Economics
  • 1401 Economic Theory
 

Citation

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Bisin, A., & Rampini, A. A. (2006). Markets as beneficial constraints on the government. Journal of Public Economics, 90(4–5), 601–629. https://doi.org/10.1016/j.jpubeco.2005.04.003
Bisin, A., and A. A. Rampini. “Markets as beneficial constraints on the government.” Journal of Public Economics 90, no. 4–5 (May 1, 2006): 601–29. https://doi.org/10.1016/j.jpubeco.2005.04.003.
Bisin A, Rampini AA. Markets as beneficial constraints on the government. Journal of Public Economics. 2006 May 1;90(4–5):601–29.
Bisin, A., and A. A. Rampini. “Markets as beneficial constraints on the government.” Journal of Public Economics, vol. 90, no. 4–5, May 2006, pp. 601–29. Scopus, doi:10.1016/j.jpubeco.2005.04.003.
Bisin A, Rampini AA. Markets as beneficial constraints on the government. Journal of Public Economics. 2006 May 1;90(4–5):601–629.
Journal cover image

Published In

Journal of Public Economics

DOI

ISSN

0047-2727

Publication Date

May 1, 2006

Volume

90

Issue

4-5

Start / End Page

601 / 629

Related Subject Headings

  • Economics
  • 3803 Economic theory
  • 3801 Applied economics
  • 1403 Econometrics
  • 1402 Applied Economics
  • 1401 Economic Theory