Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives
在次优一般均衡模型中分析资本收入的最优税收，发现长期最优税率为零，并针对可加可分效用函数确定了动态路径上的税率及稳态局部稳定的条件。
This paper analyzes the optimal tax on capital income in general equilibrium models of the second best.Agents have infinite lives and utility functions which are extensions from the Koopmans form.The population is heterogeneous.The important property of the models is the equality between the social and the private discount rates in the long run.I find that the optimal tax rate is zero in the long run.For a special case of additively separable utility functions, I then determine the tax rates along the dynamic path and conditions that are sufficient for the local stability of the steady state.' Discussions with Paul Champsaur, Dale Jorgenson, Laurence Kotlikoff, and participants of seminars at C.O.R.E. and at Yale have been stimulating.Comments by the editor and by an anonymous