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Optimal Capital Income Taxation with Housing

Nakajima, Makoto - 2010

generations model, which incorporates characteristics of housing and the U.S. preferential tax treatment for owner …-occupied housing. Housing tax policy is found to have a substantial effect on how capital income should be taxed. Given the U ….S. preferential tax treatment for owner-occupied housing, the optimal capital income tax rate is close to zero, contrary to the high …

Persistent link: https://www.econbiz.de/10013144276

Consumer Bankruptcy, Mortgage Default and Labor Supply

Li, Wenli; Meghir, Costas; Oswald, Florian - 2022

We specify and estimate a lifecycle model of consumption, housing demand and labor supply in an environment where …

Persistent link: https://www.econbiz.de/10013492266

Growth and the ageing Joneses

Fisher, Walter H.; Heijdra, Ben J. - 2008

We incorporate Keeping-up-with-the-Joneses (KUJ) preferences into the Blanchard-Yaari (BY) framework and develop, using an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension policy shocks. We find that a higher degree of KUJ...

Persistent link: https://www.econbiz.de/10009735354

Conspicuous consumption, economic growth, and taxation : a generalization

Fisher, Walter H.; Hof, Franz X. - 1999

This paper studies the influence of consumption externalities in the Ramsey model. In contrast to the recent literature, a quite general specification of preferences is used and the concept of the effective intertemporal elasticity of substitution is introduced. We give conditions for the...

Persistent link: https://www.econbiz.de/10009712935

Relative consumption and endogenous labour supply in the Ramsey model : do status-conscious people work too much?

Fisher, Walter H.; Hof, Franz X. - 2000

This paper introduces consumption externalities into a Ramsey-type model with endogenous labour supply and homogeneous agents. The instantaneous utility of any consumer is assumed to depend on work effort, own consumption and relative consumption, where the latter determines the individual's...

Persistent link: https://www.econbiz.de/10009723879

Rising Indebtedness and Temptation : A Welfare Analysis

Nakajima, Makoto - 2011

Is the observed large increase in consumer indebtedness since 1970 beneficial for U.S. consumers? This paper quantitatively investigates the macroeconomic and welfare implications of relaxing borrowing constraints using a model with preferences featuring temptation and self-control. The model...

Persistent link: https://www.econbiz.de/10013120581

Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default

Nakajima, Makoto - 2015

A life-cycle model with equilibrium default in which consumers with and without temptation coexist is constructed to evaluate the 2005 bankruptcy law reform and other counterfactual reforms. The calibrated model indicates that the 2005 bankruptcy reform achieves its goal of reducing the number...

Persistent link: https://www.econbiz.de/10013026767

Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default

Nakajima, Makoto - 2016

A life-cycle model with equilibrium default in which agents with and without temptation coexist is constructed to evaluate the 2005 bankruptcy law reform. The calibrated model indicates that the 2005 reform reduces bankruptcies, as seen in the data, and improves welfare, as lower default premia...

Persistent link: https://www.econbiz.de/10012986504

Credit, Bankruptcy, and Aggregate Fluctuations

Nakajima, Makoto - 2014

We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and countercyclicality of bankruptcy filings found in U.S. data?...

Persistent link: https://www.econbiz.de/10013044939

Keeping up with the ageing Joneses

Fisher, Walter H.; Heijdra, Ben J. - 2007

In this paper we consider the implications of relative consumption externalities in the Blanchard-Yaari overlapping generations framework. Unlike most of the macroeconomic literature that studies this question, the differences between agents, and, thus, in their relative position, persist in...

Persistent link: https://www.econbiz.de/10009736642