标题： 最优税收和多马-穆斯格雷夫效应 显示英文标题

标题： Optimal taxation and the Domar-Musgrave effect

摘要： 本文涉及在代理面临异质性投资风险的可处理经济模型中，对劳动和资本收入以及消费的最优平税选择。 我们确定了在保持税收收入的同时最大化福利的税率，发现仅对资本收入和消费征税即可实现相当于永久增加近7%消费的福利提升。 Domar-Musgrave效应解释了对资本收入征税是最优的情况。 我们描述了用消费税替代劳动收入税的动态反应。 显示英文摘要

摘要： This article concerns the optimal choice of flat taxes on labor and capital income, and on consumption, in a tractable economic model in which agents are subject to idiosyncratic investment risk. We identify the tax rates which maximize welfare in stationary equilibrium while preserving tax revenue, finding that an increase in welfare equivalent to a permanent increase in consumption of nearly 7% can be achieved by only taxing capital income and consumption. The Domar-Musgrave effect explains cases where it is optimal to tax capital income. We characterize the dynamic response to the substitution of consumption taxation for labor income taxation.