We study optimal taxation in a model with endogenous financial frictions, risky investment and occupational choice, where the distribution of wealth across entrepreneurs affects how efficiently capital is used. The planner chooses linear taxes on wealth, capital and labor income to maximize the...

How do parties choose issues to emphasize in campaigns, and when does electoral competition force parties to address issues important to voters? Empirical studies have found that although parties focus disproportionately on favourable issues in campaigns, they also spend much of the 'short...

How do parties choose issues to emphasize in campaigns, and when does electoral competition force parties to address issues important to voters? Empirical studies have found that although parties focus disproportionately on favourable issues in campaigns, they also spend much of the 'short...

This paper provides evidence that parents accumulate savings to insure their children against income risk. I refer to this behavior as dynastic precautionary saving and quantify its extent using matched parent-child pairs from the Panel Study of Income Dynamics and exploiting variation in income...