Ministeri Heikki Tuominen 12/11 1975

Kirje 12.11.1975

Insinööri Seppo Mantere 25/12 1973

Kirje 25.12.1973

Herra Apteekkari Horst Atzinger 18/10 1971

Kirje 18.10.1971

Professori Paavo Kastari 3/7 1972

Kirje 3.7.1972

Toimitusjohtaja Jouko Loikkanen 5/2 1973

Kirje 5.2.1973

Optimal taxation without state-contingent debt

To recover a version of Barro's (1979) `random walk'tax smoothing outcome, we modify Lucas and Stokey's (1983) economyto permit only risk--free debt. This imparts near unit root like behaviorto government debt, independently of the government expenditureprocess, a realistic outcome in the spirit of Barro's. We showhow the risk--free--debt--only economy confronts the Ramsey plannerwith additional constraints on equilibrium allocations thattake the form of a sequence of measurability conditions.We solve the Ramsey problem by formulating it in terms of a Lagrangian,and applying a Parameterized Expectations Algorithm tothe associated first--order conditions. The first--order conditions andnumerical impulse response functions partially affirmBarro's random walk outcome. Though the behaviors oftax rates, government surpluses, and government debts differ, allocationsare very close for computed Ramsey policies across incomplete and completemarkets economies.

Päätoimittaja Arvo Tuominen 23/4 1970

Kirje 23.4.1970

Kansanedustaja Erkki Huurtamo 14/12 1973

Kirje 14.12.1973

Ylipormestari Lauri Aho 22/2 1971

Kirje 22.2.1971

Säveltäjä Einojuhani Rautavaara 12/2 1968

Kirje 12.2.1968

Reino Järvinen 8/5 1975

Kirje 8.5.1975

Professori B.A. Salmiala 22/1 1968

Kirje 22.1.1968