Financial markets channel savings to productive investments and provide insurance against liquidity shocks. We analyze the optimal taxation of these two activities when the government cannot directly observe agents' endowments and consumption, but only their financial markets investments and...

This paper characterizes the optimal transaction tax in an equilibrium model of competitive financial markets. As long as investors hold heterogeneous beliefs that are not related to their fundamental trading motives and the planner calculates welfare using any single belief, a strictly positive...

In this paper, I develop an overlapping generations model to analyze the effects of property transfer taxes on homeownership, residential mobility, and welfare in the Netherlands. A revenue-neutral abolition of the 2% transfer tax increases the likelihood that homeowners sell their old house and...