aggregate uncertainty. Gains from more efficient capital allocation and gains from risk sharing are accounted for simultaneously … quantitatively small, even for riskier and capital scarce emerging economies. These countries import capital for efficiency reasons … before exporting it for self-insurance, leading to capital ows and growth reversals along the transition. This opens the door …

Wealth inequality is rising in rich countries. Capital taxation used simply to finance redistribution may not be able … to counteract this trend, but can increased public investment financed by higher capital taxes? We examine how such a …. Our main finding is that public investment financed through capital taxes always decreases wealth inequality when the …

Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical, or even … countercyclical. This paper reviews the advances in the literature studying the causes and consequences of capital reallocation (or … lack thereof). We provide a comprehensive set of capital reallocation stylized facts for the US, and an illustrative model …

The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates … under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital … (4) above. We consider 3 alternative assumptions about the interest rate and the treatment of capital gains so that we …

This paper studies optimal taxation of entrepreneurial capital with private information and multiple assets …. Entrepreneurial activity is subject to a dynamic moral hazard problem and entrepreneurs face idiosyncratic capital risk. We first … asset taxation is optimal. Marginal taxes on bonds depend on the correlation of their returns with idiosyncratic capital …

We compare Laffer curves for labor and capital taxation for the US, the EU-14 and individual European countries, using … US can increase tax revenues by 30% by raising labor taxes and by 6% by raising capital income taxes. For the EU-14 we … obtain 8% and 1%. Dynamic scoring for the EU-14 shows that 54% of a labor tax cut and 79% of a capital tax cut are self …

. We characterize a class of environments in which the tax on labor goes to zero in the long run, while the tax on capital …

total factor productivity (TFP) and static measures of capital misallocation within a country. Using data on 5 … between productivity volatility and the dispersion of the marginal revenue product of capital (static capital misallocation …-one percent of the static capital misallocation in the data is captured by the model's prediction. Our findings suggest that the …

We study capital misallocation within and across 10 African countries using the World Bank Enterprise Surveys. First … product of capital (MPK), implying that countries could produce significantly more with the same aggregate capital stock if … capital were allocated optimally. Such variation differs from country to country with some African countries (success stories …

capital from experience in poorer countries. Taking this into consideration in development accounting substantially increases … the role of human capital in accounting for cross-country income differences …