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updated as a function of the labor income and the previous balance.
Persistent link: https://www.econbiz.de/10011080687
We analytically and quantitatively examine a prominent justifi…cation for capital income taxation: goods preferred by those with high ability ought to be taxed. We study an environment where commodity taxes are allowed to be nonlinear functions of income and consumption and …find that, when...
Persistent link: https://www.econbiz.de/10011080728
This paper derives novel formulas for the welfare gains of any tax reform around initial (optimal or suboptimal) dynamic tax systems. We use a perturbation-based method to express these formulas in terms of easily interpretable and empirically estimable parameters: elasticities of income and...
Persistent link: https://www.econbiz.de/10011081708
The paper studies asset pricing in informationally decentralized markets. These markets have two key frictions: trading is decentralized (bilateral), and some agents have private information. We analyze how uninformed agents acquire information over time from their bilateral trades. In...
Persistent link: https://www.econbiz.de/10013154567
The paper studies asset pricing in informationally decentralized markets. These markets have two key frictions: trading is decentralized (bilateral), and some agents have private information. We analyze how uninformed agents acquire information over time from their bilateral trades. In...
Persistent link: https://www.econbiz.de/10012463136
Persistent link: https://www.econbiz.de/10010287503
This paper studies a Diamond–Dybvig model of providing insurance against unobservable liquidity shocks in the presence of unobservable trades. We show that competitive equilibria are inefficient. A social planner finds it beneficial to introduce a wedge between the interest rate implicit...
Persistent link: https://www.econbiz.de/10011139999
Persistent link: https://www.econbiz.de/10010903532
We analyze a dynamic stochastic general‐equilibrium (DSGE) model with an externality—through climate change—from using fossil energy. Our central result is a simple formula for the marginal externality damage of emissions (or, equivalently, for the optimal carbon tax). This formula, which...
Persistent link: https://www.econbiz.de/10011006217
Persistent link: https://www.econbiz.de/10010832921