By Toshihiro Ihori (auth.)
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4 Phase diagram of the basic model Next, consider the dynamic behavior of k,. , k) = k,, the kk curve, is given as (25) 30 Public Finance in an Overlapping Generations Economy Totally differentiating (25), we have the slope of the kk curve as (26) If r 2: n, the kk curve is downward sloping. If r < n, the kk curve may be upward sloping. 1) we know that above the kk curve, k,+ 1 > k,, and below the kk curve, k,+ 1 < k,. If A were unchanged, above (below) the kk curve k will increase (decrease). 4.
2 be the eigenvalues of (32). If
0, the steady state is a saddle. If
So as to maximize W. 3). Thus, our main concern here is with the first-stage problem. We propose: r: T; Proposition 2: The optimization problem is solved in terms of the consumer price vector. The actual tax rates affect the problem only through the consumer price vector. 1 1 + (I + \ E(q 1, 1 n)w 1 (r" E3(q 1, u 1)] - 11 1) - A21 1(q 1, + 1)£3(q 1 • 1, 11 1+ 1) A31 (q 21 + 1E/q, u1) £3(q1+l• 11 1+1)1} [E - u,) + El('~' ,: H) + 1 (w(r 1) (I + - (I + g 1 r 1)W (r1)) n)w'(r1+ 1) (17) 49 Tax Policy ( 10) and (13) are homogeneous of degree zero with respect to the q vector, but (12) is not.
Public Finance in an Overlapping Generations Economy by Toshihiro Ihori (auth.)