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UID:479af018304bd4b0f35c7904e7db1329
CATEGORIES:Seminars
CREATED:20250424T055638
SUMMARY:Lunch Seminar: Alberto Petrucci - LUISS University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nOptimal Capital Taxation with Borrowing Constraints and Entrepreneurial
  Heterogeneity\n\n\nAbstract:\nThis paper analyzes the optimal taxation of 
 capital, labor, wealth and capital income in a model with entrepreneurial h
 eterogeneity and financial frictions as in Itskhoki and Moll (2019). We con
 sider both a closed economy, populated by workers that buy corporate bonds,
  and a small open economy with hand-to-mouth workers where entrepreneurs fi
 nance capital by using their wealth and by borrowing abroad. Taxes are levi
 ed to finance unproductive government spending. The optimal fiscal policy d
 iffers depending on whether we consider the closed economy or the small ope
 n economy. In the former the taxes on labor and capital should be positive,
  while the tax on capital income should be zero. The wealth tax levied on w
 orkers and entrepreneurs and the pure capital tax levied on firms are equiv
 alent fiscal instruments. When we consider a small open economy, we find th
 at the capital tax should be set to zero, but both the capital income tax a
 nd the labor tax should be positive. In this case the capital income tax an
 d the wealth tax are perfect substitutes.\n
DTSTAMP:20260421T083741Z
DTSTART:20250530T130000Z
DTEND:20250530T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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