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We study the optimal path for capital and labor taxes in a dynamic economy with heterogeneous agents. In an otherwise standard model we concentrate on tax reforms that are both Pareto effcient and Pareto improving. Also, we assume the capital tax rate can never rise above its initial level and...
We introduce heterogeneity in agents’ risk aversion into a general equilibrium asset pricing framework with recursive preferences. Agents trade in a stock, whose dividend is the only source of consumption, and in a short-term bond in zero net supply. In equilibrium the less risk averse agents...
We show a standard model where the optimal tax reform is to cut labor taxes and leave capital taxes very high in the short and medium run. Only in the very long run would capital taxes be zero. Our model is a version of Chamleys, with heterogeneous agents, without lump sum transfers, an upper...
We show a standard model where the optimal tax reform is to cut labor taxes and leave capital taxes very high in the short and medium run. Only in the very long run would capital taxes be zero. Our model is a version of Chamley??s, with heterogeneous agents, without lump sum transfers, an upper...
In recent years, the number of automation projects has increased throughout the Finance Industry and particularly in securities trading and processing. The same observation can be made for corporate actions automation projects. Corporate actions messages are triggered when specific decisions are...
In der Schweiz betreibt eine Großzahl der Banken neben dem Bank- ebenfalls das Effektenhandelsgeschäft. Dazu benötigen sie von der eidgenössischen Bankenkommission (EBK) je eine separate Bewiligung als Bank und Effektenhändler. Effektenhändler, welche nicht gleichzeitig auch das...
...We demonstrate how the financial sector’s net output and service production can be measured using aggregate financialstatement data. We briefly examine current treatments of financial services in the national income accounts and introduce aconceptual framework for the construction of a...
Spendensammelnde Non-Profit-Organisationen (NPOs) verfügen verglichen mit gewinnorientierten Unternehmen ähnlicher Größe über relativ hohe finanzielle Reserven in Form eines Finanzvermögens.Deren Höhe hängt von verschiedenen Faktoren ab, die im Rahmen der vorliegenden Studie untersucht...
Die vorliegende Arbeit beschäftigt sich mit dem Thema der Regulierung von Finanzmärkten, über die die Öffentlichkeit getrennter Meinung ist. Während Industrievertreter über die zahlreichen Vorschriften klagen, sehen manche Nichtregierungs-Organisationen in den Finanzmärkten ein Spielfeld...