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The Poor Stay Poor: Non-Convergence Across Countries and Regions

Canova, Fabio; Marcet, Albert - C.E.P.R. Discussion Papers - 1995

We study the issue of income convergence across countries and regions with a Bayesian model which allows us to use … information in an efficient and flexible way. We argue that the very slow convergence rates to a common level of per-capita income … introduces in the results. Our approach permits the estimation of different convergence rates to different steady states for each …

Persistent link: https://www.econbiz.de/10005067447

Taxing Women: A Macroeconomic Analysis

Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo - Institute for the Study of Labor (IZA) - 2011

Based on well-known evidence on labor supply elasticities, several authors have concluded that women should be taxed at lower rates than men. We evaluate the quantitative implications of taxing women at a lower rate than men. Relative to the current system of taxation, setting a proportional tax...

Persistent link: https://www.econbiz.de/10009294831

Taxation, Aggregates and the Household

Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo - C.E.P.R. Discussion Papers - 2008

We evaluate reforms to the U.S. tax system in a dynamic setup with heterogeneous married and single households, and with an operative extensive margin in labour supply. We restrict our model with observations on gender and skill premia, labour force participation of married females across skill...

Persistent link: https://www.econbiz.de/10005792274

Taxation, Aggregates and the Household

Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo - Institute for the Study of Labor (IZA) - 2008

We evaluate reforms to the U.S. tax system in a dynamic setup with heterogeneous married and single households, and with an operative extensive margin in labor supply. We restrict our model with observations on gender and skill premia, labor force participation of married females across skill...

Persistent link: https://www.econbiz.de/10005703402

Fiscal Insurance and Debt Management in OECD Economies

Faraglia, Elisa; Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2007

Assuming the role of debt management is to provide hedging against fiscal shocks we consider three questions: i) what indicators can be used to assess the performance of debt management? ii) how well have historical debt management policies performed? and iii) how is that performance affected by...

Persistent link: https://www.econbiz.de/10005136566

In Search of a Theory of Debt Management

Faraglia, Elisa; Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2008

A growing literature integrates theories of debt management into models of optimal fiscal policy. One promising theory argues that the composition of government debt should be chosen so that fluctuations in the market value of debt offset changes in expected future deficits. This complete market...

Persistent link: https://www.econbiz.de/10005136601

Debt and Deficit Fluctuations and the Structure of Bond Markets

Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2001

The aim of this Paper is to test for the extent of incompleteness in the market for US Government debt. We show that when a government pursues an optimal tax policy and issues a full set of contingent claims, the value of debt has the same or less persistence than other variables in the economy...

Persistent link: https://www.econbiz.de/10005067553

Childcare Subsidies and Household Labor Supply

Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo - Institute for the Study of Labor (IZA) - 2014

What would be the aggregate effects of adopting a more generous and universal childcare subsidy program in the U.S.? We answer this question in a life-cycle equilibrium model with joint labor-supply decisions of married households along extensive and intensive margins, heterogeneity in terms of...

Persistent link: https://www.econbiz.de/10010795361

Government Debt Management: The Long and the Short of It

Faraglia, Elisa; Marcet, Albert; Oikonomou, Rigas; … - C.E.P.R. Discussion Papers - 2014

Our aim is to provide insights into some basic facts of US government debt management by introducing simple financial frictions in a Ramsey model of fiscal policy. We find that the share of short bonds in total U.S. debt is large, persistent, and highly correlated with total debt. A well known...

Persistent link: https://www.econbiz.de/10011096106

The Impact of Debt Levels and Debt Maturity on Inflation

Faraglia, Elisa; Marcet, Albert; Oikonomou, Rigas; … - C.E.P.R. Discussion Papers - 2012

In the context of a sticky price DSGE model subject to government expenditure and preference shocks where governments issue only nominal non-contingent bonds we examine the implications for optimal inflation of changes in the level and average maturity of government debt. We analyse these...

Persistent link: https://www.econbiz.de/10011083281