We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least … 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst …

different nested structures of input factors: capital, labor with or without human capital adjustment, and energy using data for … substitution elasticity between capital and labor for China is below unity. When human capital adjusted labor is used as input … instead of unadjusted raw labor, estimates of substitution elasticity between capital and labor become lower. By considering …

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

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 …

differences, international trade, remittances, and a heterogeneous workforce. We compare welfare under the observed levels of … flows - such as Jamaica or El Salvador - are also better off due to migration, but for a different reason: remittances. The …% in countries with large incoming remittances. Our results are robust to accounting for imperfect transferability of …

takes into account the flows of the skilled out of the country (the brain drain) as well as the remittances they bring into …

Asian financial crisis). Overall, the evidence favors the life-cycle explanation: more favorable exchange rate shocks lead …

in exchange rates due to the 1997 Asian financial crisis. Appreciation of a migrant's currency against the Philippine … peso leads to increases in household remittances received from overseas. The estimated elasticity of Philippine …-peso remittances with respect to the Philippine/foreign exchange rate is 0.60. These positive income shocks lead to enhanced human …