Do well-functioning stock markets and banks promote long-run economic growth? Recent studies answer this important question in the affirmative. This paper presents a reasonable extreme bounds analysis of the empirical relationships between the financial system and economic growth as well as the...

This paper proposes a method of estimating marginal tax rates using nonparametric regression techniques, and the income and tax data obtained from the Individual Tax Model Files. Our method yields estimates of average marginal effective tax rates on personal income which are significantly...