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Debt and Taxes in War and Peace: The Closed Economy Case

  • J. S. Flemming
Part of the International Economic Association Series book series (IEA)

Abstract

This paper examines the role of budget deficits and surpluses in smoothing tax rates in stochastic world. A previous paper considered this problem in the case of an open economy in which factor prices were given by trade or capital mobility (Flemming, 1987). The earlier treatment is summarised in Section 2 below.

Keywords

Public Good Labour Supply Public Expenditure Private Consumption Small Open Economy 
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References

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Copyright information

© International Economic Association 1988

Authors and Affiliations

  • J. S. Flemming
    • 1
  1. 1.Bank of EnglandUK

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