Sustainable Plans and Mutual Default

Sustainable Plans and Mutual Default
This paper presents a model of optimal taxation in which both private agents and the government can default on their debt. We first consider Ramsey equilibria in which the government can precommit to its policies but in which private agents can default. We then consider sustainable equilibria in which both government and private agent decision... READ MORE...

Publication date: March 1990
ISBN 9781451921151
$15.00

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