@inbook{ff92d4e75a544594b993f81e4400eb78,
title = "New dynamic public finance: A user's guide",
abstract = "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 framework. We revisit three classical issues and focus on insights and results that contrast with those from the Ramsey approach. In particular, we illustrate, using a simple two period economy, the implications for capital taxation, tax smoothing, and time inconsistency.",
author = "Mikhail Golosov and Aleh Tsyvinski and Iv{\'a}n Werning",
year = "2006",
doi = "10.1086/ma.21.25554957",
language = "English (US)",
isbn = "0262012391",
series = "NBER Macroeconomics Annual",
publisher = "University of Chicago Press",
pages = "317--363",
booktitle = "NBER Macroeconomics Annual",
address = "United States",
}