Grant, Charles; Koulovatianos, Christos; Michaelides, … - Center for Financial Studies - 2008
states and might not be orthogonal to the marginal tax rates. Second,
business cycle efiects jointly afiect income and … of business cycle efiects, which jointly afiect income, taxes and
consumption. The results conflrm that consumption … dispersion is negatively related to taxes,
which we view as evidence of the insurance efiect of taxation. Business cycle efiects …