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اقتصاد::
مالیات یکجا
I show that a policy of loans to banks is equivalent to a combination of asset purchases and a lump-sum transfer to banks subject to runs (which can be interpreted as partial deposit insurance or an equity injection) financed by lump-sum taxes on depositors.
The fiscal authority is committed to purchasing the entire money supply M at the end of period t = 2 and finances this operation by imposing lump-sum taxes on households.
The fiscal authority imposes real lump-sum taxes T2 at t = 2 and uses these resources to purchase the stock of money in circulation at the end of t = 2.
and the proceeds associated with the purchase of capital Kh, net of the lump-sum taxes T2; in particular, each unit of capital purchased at t = 0 produces A1 units of goods at t = 1 (which can be sold at price p1 in exchange for money) and A2 units of goods at t = 2 (which can be sold at price p2).
The resources available to households at t =2 include unspent money, capital plus return, deposits not withdrawn plus return, and profits π2 = πbdb distributed by banks, net of lump-sum taxes.
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