Several frictions restrict the government's ability to tax assets. First of all, it is very costly to monitor trades on international asset markets. Moreover, agents can resort to non-observable low-return assets such as cash, gold or foreign currencies if taxes on observable assets become too...

Thesis (Ph. D.)--University of Rochester. Dept. of Economics, 2008.

Thesis (Ph. D.)--University of Rochester. Dept. of Economics, 2008.

Thesis (Ph. D.)--University of Rochester. Dept. of Economics, 2007.

In the macroeconomic literature, the implications of a context with household heterogeneity and incomplete financial markets have been mostly studied under the assumption that households own the physical capital and undertake the intertemporal investment decision. Further, firms rent capital and...

Many recent papers in macroeconomics have studied the implications of models with household heterogeneity and incomplete financial markets under the assumption that households own the stock of physical capital and undertake the intertemporal investment decisions. In these models, production...