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This paper provides a prototype general equilibrium model of team production. Team production refers to production processes which require that the work schedules of heterogeneous workers be closely coordinated. The key innovation in the framework is that the work schedules, wages, and...
Persistent link: https://www.econbiz.de/10005085605
We review the fiscal theory of the price level. We place special emphasis on the theory's implications for the feasibility of price stability.
Persistent link: https://www.econbiz.de/10005774436
The `ideal' band pass filter can be used to isolate the component of a time series that lies within a particular band of frequencies. However, applying this filter requires a dataset of infinite length. In practice, some sort of approximation is needed. Using projections, we derive...
Persistent link: https://www.econbiz.de/10005714695
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In this paper we study the quantitative impact of marginal tax rates on the distribution of income. Our methodology builds on computable general-equilibrium framework. We find that distortions from marginal tax rate changes of the sort implied by the Tax Reform Act of 1986 have sizable effects...
Persistent link: https://www.econbiz.de/10005573594
We analyze the interest rate and savings effects of fiscal policy in an overlapping generations framework that accommodates two observations: (1) The interest rate on consumption loans exceeds the rate of return to household savings. (2) Private intergenerational transfers are widespread and...
Persistent link: https://www.econbiz.de/10005575087
The authors analyze an overlapping-generations framework that accommodates two observations: (1) the interest rate on consumption loans exceeds the rate of return to savings and (2) private intergenerational transfers primarily occur early in the life cycle. Assuming altruistically motivated...
Persistent link: https://www.econbiz.de/10005820450
This paper uses a new, large-scale, dynamic life-cycle simulation model to compare the welfare and macroeconomic effects of transitions to five fundamental alternatives to the U.S. federal income tax, including a proportional consumption tax and a flat tax. The model incorporates...
Persistent link: https://www.econbiz.de/10005821911
We develop the implications of borrowing constraints and two-sided altruism in an overlapping generations framework with agents who live three periods. Our analysis identifies six equilibrium patterns of intertemporal and intergenerational linkages in the no-loan economy, one of which...
Persistent link: https://www.econbiz.de/10005829186