Using data on U.S. state and federal taxes and transfers over a quarter century, we estimate a regression model that yields the marginal effect of any shift of market income share from one quintile to another on the entire post tax, post-transfer income distribution. We identify exogenous income...

Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure...

Do corporate tax increases destroy jobs? And do corporate tax cuts boost employment? Answering these questions has proved empirically challenging. We propose an identification strategy that exploits variation in corporate income tax rates across U.S. states. Comparing contiguous counties...

France belongs to the group of OECD countries with relatively high tax levels. In recent years French governments have been increasingly aware that the tax system may have negative effects on growth and employment and some reforms have been introduced to reduce tax distortions. There has,...

France belongs to the group of OECD countries with relatively high tax levels. In recent years French governments have been increasingly aware that the tax system may have negative effects on growth and employment and some reforms have been introduced to reduce tax distortions. There has,...

This paper presents an analysis of the 2007-2010 Global Financial Crisis which started with the sub-prime crisis in the U.S. and became global very fast. It argues that the financial system in the United States is a complex interlocking structure of markets, institutions and regulators. The...

This paper examines three questions: 1) How and why have financial models of doing business emerged in the last three decades? 2) What new forms of financial capitalism have become important in the current period? 3) How do new financial intermediaries, such as private equity, and the financial...

Different economies at different times use different institutional arrangements to constrain the people entrusted with allocating the economy's capital and other resources. Comparative financial histories show these corporate governance regimes to be largely stable through time, but capable of...

The paper analyses the transition in Russia through a theoretical model in which job-to-job mobility plays a crucial role. It shows that job-to-job mobility is a key factor preventing a discontinuous break in unemployment and insulating wages in declining sectors from aggregate disequilibria. In...

The paper examines the behaviour of 100 firms interviewed regularly between 1993-4. It reaches the following conclusions:1) Following the inter-enterprise debt (IED) crisis of 1992, most firms have switched to a `pay-in-advance' system, which pushed firms towards a `hard budget constraint'...