The purpose of this analysis is to improve the U.S. Department of the Treasury’s distributional model and methodology by defining new model parameters. We compute the percentage of capital income attributable to normal versus supernormal return, the percentage of normal return attributable to...

On average, 40 percent of US corporations with foreign source income are not taxable because they are in loss, and annually these loss firms are responsible for about 13 percent of foreign source dividend repatriations. Yet the repatriation behavior of these US parents in loss has largely been...

This paper examines the relationship between productivity, investment, and age for over 14,000 plants in the U.S. manufacturing sector in the 1972-1988 period. Productivity patterns vary significantly due to plant heterogeneity. Productivity first increases and then decreases with respect to...

This paper examines the relationship between productivity, investment, and plant age for over 14,000 plants in the U.S. manufacturing sector for the period of 1972 to 1988. Productivity patterns vary significantly due to plant heterogeneity. Initially productivity increases with respect to plant...

This paper explores cyclical fluctuations in investment due to discrete changes in the plant's stock of capital. To do so, we focus on a machine replacement problem in which a producer decides whether to replace its entire existing stock of capital with new machinery and equipment. This decision...

This paper explores investment fluctuations due to discrete changes in a plant's capital stock. The resulting aggregate investment dynamics are surprisingly rich, reflecting the interaction between a replacement cycle, the cross-sectional distribution of the age of the capital stock, and an...

This paper studies the effect of the U.S. Securities and Exchange Commission´s R31 fees, a low-rate transaction tax, on large-capitalization U.S. stock trading. The SEC altered the fee rate 15 times between 2001 and 2010, creating a series of natural experiments with which to measure the effect...

Taxation and Development highlights the importance of better understanding the ways in which taxes and expenditure are linked. Focusing on developing countries, the book argues for a broader approach to the topic, with a secondary focus on developing and applying new modeling techniques to...