In this article we quantify the aggregate, distributional and welfare consequences of two revenue neutral flat …-tax reforms using a model economy that replicates the U.S. distributions of earnings, income and wealth in very much detail. We … of after-tax income. In contrast, the more progressive reform brings about a -2.6% reduction in steady state output and a …

capitalized value of their inherited wealth, i.e. who consumed more than their labor income during their lifetime); and the … "savers" or "self-made men" (whose wealth is larger than the capitalized value of their inherited wealth, i.e. who consumed … matrimonial property regimes, we find that Paris in 1872-1937 looks like a prototype "rentier society". Rentiers made about 10% of …

Capital market theory predicts that the wealth distribution of an economy affects real interest rates. This paper … empirically analyzes this relationship for the US, the UK and Sweden. We obtain that measures of wealth inequality are positively … individuals can only credibly commit to providing effort if the rate of return is not too high. When the rich are poorer, the rate …

We use all available waves of the Survey of Consumer Finances to document the evolution of the wealth distribution in … the US since the 1980s. We then rely on the shape of this distribution to estimate a life-cycle incomplete markets model …. We find that considering a wide range of net-worth percentiles delivers very precise estimates of the structural …

(2007) more than half of the American households possess almost no productive capital while realizing about 20 percent of … national income. This mismatch poses a problem for the efficient aggregation of consumer needs on capital markets. Individuals … evidence in favour of consumption driven investment behaviour based on real portfolio choices and self-reported preferences …

Spanish household structure. Our results show that differences in household structure account for most of the differences in … the lower part of the distribution between the two countries, but mask even larger differences in the upper part of the … distribution. Imposing the Spanish household structure to the US wealth distribution has little effect on summary measures of …

various sources. Measures of wealth inequality are linked positively to the real commercial paper rate and to the real rate on …. Accordingly, rich individuals can only commit credibly to providing effort if the rate of return is not too high. When the rich … are poorer, the rate of return has to be lower in order to guarantee entrepreneurial effort. Capital demand will therefore …

Using the regression discontinuity design of close gubernatorial elections in the U.S., we identify a significant and … positive impact of the social networks of corporate directors and politicians on firm value. Firms connected to elected … smaller and financially dependent firms, in more corrupt states, in states of connected firms’ headquarters and operations …

that patronage may be strictly positive in both of them. We also apply the second setting to the case of corruption. …We study the design of promotions in an organization where agents belong to groups that advance their cause. Examples … and applications include political groups, ethnicities, agents motivated by the work in the public sector and corruption …

A model of entrepreneurial choices in an economy with a corrupt public procurement sector is built, providing … predictions along two main dimensions. First, corruption is more frequent in sectors where public institutions are large buyers …, amounting annually to approximately 6% of the country’s GDP, is then used to corroborate these predictions. …