Real transfers and the Friedman rule

Detalhes bibliográficos
Autor(a) principal: Adão, Bernardino
Data de Publicação: 2019
Outros Autores: Silva, André C.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: https://doi.org/10.1007/s00199-018-1105-0
Resumo: Silva thanks the hospitality of the Banco de Portugal, where he wrote part of this paper, and acknowledges financial support from Banco de Portugal, FCT, NOVA FORUM, and Nova SBE Research Unit. We acknowledge financial support from ADEMU. This work was funded by FCT Fundação para a Ciência e Tecnologia (FCT PTDC/IIM-ECO/4825/2012, UID/ECO/00124/2013 and Social Sciences Data Lab, Project 22209), by POR Lisboa (LISBOA-01-0145-FEDER-007722 and Social Sciences Data Lab, Project 22209) and POR Norte (Social Sciences Data Lab, Project 22209)
id RCAP_589103f88bd6543db7d4855523cafadc
oai_identifier_str oai:run.unl.pt:10362/33409
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling Real transfers and the Friedman ruleFiscal policyFriedman ruleInflationMonetary policyTaxesTransfersEconomics and EconometricsSilva thanks the hospitality of the Banco de Portugal, where he wrote part of this paper, and acknowledges financial support from Banco de Portugal, FCT, NOVA FORUM, and Nova SBE Research Unit. We acknowledge financial support from ADEMU. This work was funded by FCT Fundação para a Ciência e Tecnologia (FCT PTDC/IIM-ECO/4825/2012, UID/ECO/00124/2013 and Social Sciences Data Lab, Project 22209), by POR Lisboa (LISBOA-01-0145-FEDER-007722 and Social Sciences Data Lab, Project 22209) and POR Norte (Social Sciences Data Lab, Project 22209)We find that the Friedman rule is not optimal with real government transfers and distortionary taxation. As transfers cannot be taxed, a positive nominal net interest rate is the indirect way to tax the additional income derived from transfers. This result holds for heterogeneous agents, standard homogeneous preferences, and constant returns to scale production functions. The presence of real transfers changes the standard optimal taxation result of uniform taxation. Higher transfers imply higher optimal inflation rates. We calibrate a model with transfers to the US economy and obtain optimal values for inflation substantially above the Friedman rule.NOVA School of Business and Economics (NOVA SBE)RUNAdão, BernardinoSilva, André C.2022-03-02T01:31:25Z2019-022019-02-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/article23application/pdfhttps://doi.org/10.1007/s00199-018-1105-0eng0938-2259PURE: 3658777http://www.scopus.com/inward/record.url?scp=85042543554&partnerID=8YFLogxKhttps://doi.org/10.1007/s00199-018-1105-0info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:18:26Zoai:run.unl.pt:10362/33409Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:30:02.513082Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Real transfers and the Friedman rule
title Real transfers and the Friedman rule
spellingShingle Real transfers and the Friedman rule
Adão, Bernardino
Fiscal policy
Friedman rule
Inflation
Monetary policy
Taxes
Transfers
Economics and Econometrics
title_short Real transfers and the Friedman rule
title_full Real transfers and the Friedman rule
title_fullStr Real transfers and the Friedman rule
title_full_unstemmed Real transfers and the Friedman rule
title_sort Real transfers and the Friedman rule
author Adão, Bernardino
author_facet Adão, Bernardino
Silva, André C.
author_role author
author2 Silva, André C.
author2_role author
dc.contributor.none.fl_str_mv NOVA School of Business and Economics (NOVA SBE)
RUN
dc.contributor.author.fl_str_mv Adão, Bernardino
Silva, André C.
dc.subject.por.fl_str_mv Fiscal policy
Friedman rule
Inflation
Monetary policy
Taxes
Transfers
Economics and Econometrics
topic Fiscal policy
Friedman rule
Inflation
Monetary policy
Taxes
Transfers
Economics and Econometrics
description Silva thanks the hospitality of the Banco de Portugal, where he wrote part of this paper, and acknowledges financial support from Banco de Portugal, FCT, NOVA FORUM, and Nova SBE Research Unit. We acknowledge financial support from ADEMU. This work was funded by FCT Fundação para a Ciência e Tecnologia (FCT PTDC/IIM-ECO/4825/2012, UID/ECO/00124/2013 and Social Sciences Data Lab, Project 22209), by POR Lisboa (LISBOA-01-0145-FEDER-007722 and Social Sciences Data Lab, Project 22209) and POR Norte (Social Sciences Data Lab, Project 22209)
publishDate 2019
dc.date.none.fl_str_mv 2019-02
2019-02-01T00:00:00Z
2022-03-02T01:31:25Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://doi.org/10.1007/s00199-018-1105-0
url https://doi.org/10.1007/s00199-018-1105-0
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 0938-2259
PURE: 3658777
http://www.scopus.com/inward/record.url?scp=85042543554&partnerID=8YFLogxK
https://doi.org/10.1007/s00199-018-1105-0
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 23
application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799137924604755968

Registros relacionados