This paper studies the asset pricing implications of dividend and corporate income taxes in a stochastic general equilibrium model with production similar to Jermann (1998). In particular, we ask whether those two types of taxes introduce additional tax-related risk factors in the economy, and...

This paper describes the infinite-horizon general equilibrium model that, among other models, CBO uses for its analysis of the President's budgetary proposals. Agents in the model live forever and face uninsurable, individual-specific working-ability shocks and borrowing constraints, and so they...

There has been much discussion about the need for public pension reforms in most of the Organization for Economic Cooperation and Development (OECD) countries, but what is the macroeconomic impact of announcing reforms in advance? The Italian pension system reform in 1992 represents an...

In this paper, we study the distortionary impact of progressive dividend taxation on dynamic investment decisions under the "new view" of dividend taxation. We use a stochastic general equilibrium model to examine the qualitative and quantitative importance of the distortion. We find that the...

What is the macroeconomic impact of announcing a pension system reform in advance? The Italian reform in 1992 represents an illustrative case to address this question. Using an overlapping-generations model, we simulate the pre-announcement of five-year increase in the retirement eligibility age...

We analyze the impact of the introduction of the French Tobin tax on the turnover and measures of the liquidity and volatility of the affected stocks with nonparametric tests on individual stocks, difference-in-difference tests and other robustness checks controlling for simultaneous...

We analyze the determinants of ICT investment and the impact of information technology on productivity and efficiency on a representative sample of small and medium sized Italian firms. In order to test the most relevant theoretical predictions from the ICT literature we evaluate the impact of...

The paper provides an empirical analysis of box office performance for movies produced in Italy between 1985 and 1996. Descriptive evidence documents a decrease in the total number of films produced and a sharp reduction in daily revenues and per screen daily admissions during the sample period....

We run a modified dictator game experiment to investigate the determinants of donation choices to philanthropic organizations. We find experimentally that the adoption of a simple form of accountability such as the disclosure of information on the ranking of aggregate contributions received...