An externality is a cost or benefit related to the production or consumption of a good or service that affects third parties unrelated to the production or consumption. It is generally the unintended, ...

Andriy Blokhin has 5+ years of professional experience in public accounting, personal investing, and as a senior auditor with Ernst & Young. Erika Rasure is globally-recognized as a leading consumer ...

Andriy Blokhin has 5+ years of professional experience in public accounting, personal investing, and as a senior auditor with Ernst & Young. Erika Rasure is globally-recognized as a leading consumer ...

It is shown that, in a wide class of economies with Marshallian externalities, a Pareto optimum can be sustained by a competitive equilibrium with the aid of a tax-subsidy system. The tax-subsidy ...

Abstract: Federal structures create the possibility of vertical tax externalities between levels of government, with the private sector's response to the tax policy decisions of one level affecting ...

Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation This paper formally identifies an important role of banks: Banks competitively internalize production externalities and ...

The two fundamental theorems of welfare economics are deceptively simple and enticingly elegant. The first states every perfectly competitive equilibrium is Pareto optimal. The second states for some ...

This choice determines the payment-chain network and aggregate total-factor productivity (TFP). The paper characterizes equilibrium dynamics and pecuniary externalities when agents internalize their ...