This paper reviews recent advances in the theory of optimal policy in a dynamic Mirrlees
setting, and contrasts this approach to the one based on the representative-agent Ramsey …

The Fiscal Theory of the Price Level Page 1 Page 2 The Fiscal Theory of the Price Level john h.
cochrane princeton university press princeton and oxford Page 3 Copyright c 2023 by …

Most work in optimal tax theory relies on simple labor supply models that fail to incorporate
insights from the modern labor supply literature. As a result, it may have reached misleading …

This paper presents the case for tax progressivity based on recent results in optimal tax
theory. We consider the optimal progressivity of earnings taxation and whether capital …

Traditional analysis of the taxation of income from capital has focused on the impact of tax
on marginal investment decisions; the principal impact of tax on investment is through the …

We argue that the US tax system is biased against labor and in favor of capital and has
become more so in recent years. As a consequence, it has promoted inefficiently high levels …

How should carbon be taxed as a part of fiscal policy? The literature on optimal carbon
pricing often abstracts from other taxes. However, when governments raise revenues with …

This chapter analyzes the distortions created by taxation and the features of tax systems that
minimize such distortions (subject to achieving other government objectives). It starts with a …

In this survey, I summarize and evaluate the extant literature concerning taxation and
personal saving. I describe the theoretical models that economists have used to depict …

Abstract According to the Chamley-Judd result, capital should not be taxed in the long run. In
this paper, we overturn this conclusion, showing that it does not follow from the very models …