英文标题：
《On growth-optimal tax rates and the issue of wealth inequalities》
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作者：
Jean-Philippe Bouchaud (Capital Fund Management and Ecole
Polytechnique)
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最新提交年份：
2015
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英文摘要：
We introduce a highly stylized, yet non trivial model of the economy, with a public and private sector coupled through a wealth tax and a redistribution policy. The model can be fully solved analytically, and allows one to address the question of optimal taxation and of wealth inequalities. We find that according to the assumption made on the relative performance of public and private sectors, three situations are possible. Not surprisingly, the optimal wealth tax rate is either 0% for a deeply dysfunctional government and/or highly productive private sector, or 100 % for a highly efficient public sector and/or debilitated/risk averse private investors. If the gap between the public/private performance is moderate, there is an optimal positive wealth tax rate maximizing economic growth, even -- counter-intuitively -- when the private sector generates more growth. The compromise between profitable private investments and taxation however leads to a residual level of inequalities. The mechanism leading to an optimal growth rate is related the well-known explore/exploit trade-off.
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中文摘要：
我们引入了一种高度程式化但不平凡的经济模式，通过财富税和再分配政策将公共和私营部门结合起来。该模型可以用解析法完全求解，可以解决最优税收和财富不平等的问题。我们发现，根据对公共和私营部门相对绩效的假设，有三种情况是可能的。毫不奇怪，对于功能严重失调的政府和/或高生产率的私营部门，最优财富税率为0%，对于高效的公共部门和/或虚弱/厌恶风险的私人投资者，最优财富税率为100%。如果公共/私人绩效之间的差距是适度的，那么就存在一个最佳的正财富税率，使经济增长最大化，即使是在私营部门创造更多增长的情况下——这与直觉相反。然而，有利可图的私人投资和税收之间的妥协导致了剩余的不平等水平。导致最佳增长率的机制与众所周知的勘探/开发权衡有关。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Physics 物理学
二级分类：Statistical Mechanics 统计力学
分类描述：Phase transitions, thermodynamics, field theory, non-equilibrium phenomena, renormalization group and scaling, integrable models, turbulence
相变，热力学，场论，非平衡现象，重整化群和标度，可积模型，湍流
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