A Ramsey Theory of Financial Distortions
研究了政府无法直接向流动性需求者再分配时，如何通过最优债务管理和税收政策缩小政府债务与类似资产之间的回报差距，并发现税收可能加剧这一差距。
The return on government debt is lower than that of assets with similar payoffs. We study optimal debt management and taxation when the government cannot directly redistribute toward the agents in need of liquidity but otherwise has access to a complete set of linear tax instruments. Optimal government debt provision calls for gradually closing the wedge between the returns as much as possible, but tax policy may work as a countervailing force: as long as financial frictions bind, it can be optimal to tax capital even if this magnifies the discrepancy in returns.