The Public Finance Approach
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.
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