In this paper I quantify the value of conscription as a state-contingent capital levy in the face of stochastic war-and-peace shocks. I construct a model in which the Ramsey planner is subject to a restricted set of fiscal instruments, characterize optimal policy and the role of conscription, and perform a calibrated comparison with the US financing of its WWII effort.
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Paper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number
28.
Length: Date of creation: 2004 Date of revision: Handle: RePEc:red:sed004:28
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