frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of …

frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of …

This paper discusses the effects of the interaction between inflation and the taxation of capital income. The principal … conclusions are: (1) Inflation substantially increases the total effective tax rate on the income from capital used in the …

This paper discusses the effects of the interaction between inflation and the taxation of capital income. The principal … conclusions are: (1) Inflation substantially increases the total effective tax rate on the income from capital used in the …

find four substantive lessons for policymaking: Capital income taxes should be high initially and then roughly zero; tax …