000			01472nab a2200253 c 4500
999			_c146601 _d146601
003			ES-MaIEF
005			20221020122601.0
007			ta
008			221020t2022 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_970117 _aPouzo, Demian
245		0	_aOptimal taxation with endogenous default under incomplete markets _c by Demian Pouzo and Ignacio Presno
500			_aResumen.
504			_aBibliografía.
520			_aHow are the optimal tax and debt policies affected if the government can default on its debt? We address this question from a normative perspective in an economy with noncontingent government debt, domestic default, and labor taxes. On one hand, default prevents the government from incurring future tax distortions associated with servicing the debt. On the other hand, default risk gives rise to endogenous credit limits that hinder the government's ability to smooth taxes. We characterize the fiscal policy and show how the option to default alters the near–unit root component of taxes in the economy with risk-free borrowing.
650		4	_942647 _aDEUDA PUBLICA
650		4	_948067 _aPOLITICA FISCAL
650		4	_97978 _aIMPOSICION OPTIMA
650			_aCREDITO _941482
650		4	_947776 _aMODELOS ECONOMETRICOS
700	1		_970118 _aPresno, Ignacio
773	0		_9168184 _oOP 2137/2022/3 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x 1945-7707 _g v. 14, n. 3, July 2022, p. 1-41
942			_cART