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Macroeconomic Theory$
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Jean-Pascal Benassy

Print publication date: 2011

Print ISBN-13: 9780195387711

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195387711.001.0001

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The Public Finance Approach

(p.413) 17 Policy
Macroeconomic Theory

Jean-Pascal Bénassy

Oxford University Press

This chapter studies the issues of optimal government policy. It presents the “public finance” approach to policy and examines the approach’s central purpose to minimize distortions associated with the financing of public spending. It looks at basic issues in policy design regarding government, objectives, instruments, and information. It focuses on two classic examples of monetary policy, the Friedman rule and tax smoothing. It also delves deeper into the foundations of the public finance approach and examines the issue of Ramsey taxation.

Keywords:   optimal government policy, public finance, public spending, monetary policy, Friedman rule, tax smoothing, Ramsey taxation

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