Optimal Taxation and Debt with Uninsurable Risks to Human Capital Accumulation
研究了个人人力资本积累面临不可保风险时，最优的资本和劳动收入线性税率以及政府债务路径，发现征税和发债都有益，且收益随风险规模和风险厌恶程度增加。
We consider an economy where individuals face uninsurable risks to their human capital accumulation and analyze the optimal level of linear taxes on capital and labor income together with the optimal path of government debt. We show that in the presence of such risks, it is beneficial to tax both labor and capital and to issue public debt. We also assess the quantitative importance of these findings, and show that the benefits of government debt and capital taxes both increase with the magnitude of idiosyncratic risks and the degree of relative risk aversion.