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A Dynamic Model of Fiscal Reconstruction Ihori, Toshihiro Itaya, Jun-ichi 331.19 345.71 経済学 fiscal reconstruction dynamic provision welfare This paper investigates dynamic properties of fiscal reconstruction by analyzing the infinite duration dynamic game among various interest groups with a framework of voluntary acceptance of tax burden. By comparing the first best solution, the open-loop solution under enforceable commitments, and the closed-loop solution without commitment, we explore the free riding aspect of fiscal reconstruction process and investigate the normative role of consumption taxes to internalize the free riding problem. We also derive explicitly the adjustment speeds of fiscal reconstruction under alternative solutions and examine the impact of consumption taxes on the adjustment speed. 小樽商科大学ビジネス創造センター 1997-04 eng technical report VoR http://hdl.handle.net/10252/4227 https://barrel.repo.nii.ac.jp/records/3714 Discussion paper series 40 1 33 https://barrel.repo.nii.ac.jp/record/3714/files/DP_40.PDF application/pdf 1.5 MB 2016-01-26