Optimal Ramsey taxation with endogenous risk aversion

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dc.authoridTorul, Orhan/0000-0002-1251-1022|Torul, Orhan/0000-0002-1251-1022
dc.authorwosidTorul, Orhan/P-9322-2015
dc.authorwosidAtesagaoglu, Orhan E/H-9814-2018
dc.authorwosidTorul, Orhan/GOK-1840-2022
dc.contributor.authorAtesagaoglu, Orhan Erem
dc.contributor.authorTorul, Orhan
dc.date.accessioned2024-07-18T20:42:33Z
dc.date.available2024-07-18T20:42:33Z
dc.date.issued2018
dc.departmentİstanbul Bilgi Üniversitesien_US
dc.description.abstractIn this paper, we study optimal Ramsey taxation under endogenous risk aversion formulation in an otherwise standard real business cycle economy. We show that when the risk aversion coefficient co-moves counter-cyclically, the canonical Chamley-Judd (Chamley, 1986; Judd, 1985) result does not hold true, and the Ramsey planner chooses a positive capital income tax rate in the long run. We report that result is due to additional wedges both in the intratemporal and the intertemporal optimality condition of the representative household. (C) 2018 Elsevier B.V. All rights reserved.en_US
dc.description.sponsorshipBogazici University Research Fund [BAP 13920]en_US
dc.description.sponsorshipWe are grateful to Sanjay Chugh, Alan Finkenstein Shapiro, Salih Fendoglu, Tolga Umut Kuzubas, Malik Curuk, Ozan Hatipoglu and Ceyhun Elgin for their helpful comments and suggestions. We also thank the editor-in-charge Pierre-Daniel Sarte and the anonymous reviewer for the insightful feedback. Torul acknowledges financial support by Bogazici University Research Fund, grant number BAP 13920. All remaining errors are ours.en_US
dc.identifier.doi10.1016/j.econlet.2018.07.005
dc.identifier.endpage92en_US
dc.identifier.issn0165-1765
dc.identifier.issn1873-7374
dc.identifier.scopus2-s2.0-85050094974en_US
dc.identifier.scopusqualityQ2en_US
dc.identifier.startpage87en_US
dc.identifier.urihttps://doi.org/10.1016/j.econlet.2018.07.005
dc.identifier.urihttps://hdl.handle.net/11411/7330
dc.identifier.volume171en_US
dc.identifier.wosWOS:000445988800020en_US
dc.identifier.wosqualityQ3en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherElsevier Science Saen_US
dc.relation.ispartofEconomics Lettersen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectReal Business Cycle Modelen_US
dc.subjectTime-Varying Risk Preferencesen_US
dc.subjectOptimal Tax Policyen_US
dc.subjectOptimal Fiscal-Policyen_US
dc.subjectBusiness-Cycleen_US
dc.subjectCapital Incomeen_US
dc.subjectGeneral Equilibriumen_US
dc.subjectIndivisible Laboren_US
dc.subjectTimeen_US
dc.subjectConsistenten_US
dc.subjectBehavioren_US
dc.subjectTaxesen_US
dc.subjectModelen_US
dc.titleOptimal Ramsey taxation with endogenous risk aversion
dc.typeArticle

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