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Debt and Taxes

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  • Flemming, John S

Abstract

It is argued that, in the absence of poll taxes, it is the tax rate, rather than the debt/income ratio, that should be (ex ante) stabilized. In a two-state world with constant transition probabilities, optimally, periods of deficit (surplus) are associated with high (low) and rising (falling) taxes whether shocks are to preferences or technology. Consumption has distinctive advantages over labor income as the tax base in this stochastic context. Issues of debt maturity (in a closed economy), time inconsistency, endogenous transition probabilities, political tactics, investment, and unemployment are also considered. Copyright 1988 by Scottish Economic Society.

Suggested Citation

  • Flemming, John S, 1988. "Debt and Taxes," Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(4), pages 305-317, November.
    • Handle: RePEc:bla:scotjp:v:35:y:1988:i:4:p:305-17
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    Cited by:

    1. Dr Martin Weale, 2011. "Generational Accounts for the United Kingdom," National Institute of Economic and Social Research (NIESR) Discussion Papers 377, National Institute of Economic and Social Research.
    2. Pratt, Travis C., 1998. "Race and sentencing: A meta-analysis of conflicting empirical research results," Journal of Criminal Justice, Elsevier, vol. 26(6), pages 513-523, November.
    3. van Dalen, Hendrik P., 1999. "Intertemporal substitution in public and private consumption -- long-run evidence from the US and the UK," Economic Modelling, Elsevier, vol. 16(3), pages 355-370, August.
    4. Van Dalen, Hendrik P., 1995. "Intertemporal substitution in war and peace: Evidence from the United Kingdom, 1830-1990," Journal of Macroeconomics, Elsevier, vol. 17(3), pages 447-469.

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