000			01763nab a22003017c 4500
003			ES-MaIEF
005			20180924193000.0
007			ta
008			180924s2018 gw ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_aeng
100	1		_952372 _aNaito, Hisahiro
245		0	_aWelfare-improving consumption tax in the presence of a wage tax under idiosyncratic returns from investment and incomplete markets _c Hisahiro Naito
260			_c2018
500			_aDisponible también en formato electrónico a través de la Biblioteca del IEF.
500			_aResumen.
504			_aBibliografía.
520			_aIn a standard multiperiod model, consumption tax and wage tax are equivalent. I show that when a capital market is incomplete – in the sense that the rates of return from risky investments are idiosyncratic and there is no insurance for such idiosyncratic risk – the introduction of a consumption tax in the presence of a wage tax improves welfare. This holds true even in the presence of optimal or nonoptimal capital income taxes. In the general-equilibrium model, the optimal level of the consumption tax is determined to balance the benefits of the risk-sharing effect and the asset accumulation effect against the costs of postponing government revenue to later periods.
650		4	_940658 _aCONSUMO
650		4	_947460 _aIMPUESTOS
650		4	_97978 _aIMPOSICION OPTIMA
650		4	_948302 _aRIESGO
650		4	_947736 _aMERCADOS FINANCIEROS
650		4	_947465 _aINCERTIDUMBRE
773	0		_9157502 _oOP 207/2018/3 _tFinanzArchiv _w(IEF)21244 _x 0015-2218 _g v. 74, n. 3, September 2018, p. 361-375
856			_uhttp://www.ingentaconnect.com/contentone/mohr/fa/2018/00000074/00000003/art00003#
942			_cART
999			_c138901 _d138901