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The Political Economy of Redistribution in the U.S. in the Aftermath of World War II and the Delayed Impacts of the Great Depression - Evidence and Theory
Beetsma, Roel; Cukierman, Alex; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2009
The paper presents evidence of an upward ratchet in transfers and taxes in the U.S. around World-War II. This finding … in the population who interacts with a (richer) agenda setter in Congress in setting redistribution. While the setter … managed to cap redistribution in the pre-war period, the War itself pushed up the status-quo tax burden, raising the …
Persistent link: https://www.econbiz.de/10008477176
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Why Are Capital Income Taxes So High?
Flodén, Martin - C.E.P.R. Discussion Papers - 2007
The Ramsey optimal taxation theory implies that the tax rate on capital income should be zero in the long run. This …
Persistent link: https://www.econbiz.de/10005792415
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Good Jobs, Bad Jobs and Redistribution
Lommerud, Kjell Erik; Sandvik, B.; Straume, Odd Rune - C.E.P.R. Discussion Papers - 2003
We analyse the question of optimal taxation in a dual economy, when the policy-maker is concerned about the distribution of labour income. Income inequality is caused by the presence of sunk capital investments, which creates a ‘good jobs’ sector due to the capture of quasi-rents by trade...
Persistent link: https://www.econbiz.de/10005666694
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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
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Cross-Border Tax Externalities: Are Budget Deficits too Small?
Buiter, Willem H.; Sibert, Anne - C.E.P.R. Discussion Papers - 2004
In a dynamic optimizing model with costly tax collection, a tax cut by one nation creates positive externalities for the rest of the world if initial public debt stocks are positive. By reducing tax collection costs, current tax cuts boost the resources available for current private consumption,...
Persistent link: https://www.econbiz.de/10005666845
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Does Tax Smoothing Imply Smooth Taxes?
Scott, Andrew - C.E.P.R. Discussion Papers - 1999
Using a stochastic growth model we derive analytic expressions for optimal labour and capital tax rates under both complete and incomplete markets. We find taxes are driven by two factors reflecting : (a) Ramsey efficiency considerations and (b) the financing needs of the government which vary...
Persistent link: https://www.econbiz.de/10005661465
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Tax and Benefit Reform in the Czech and Slovak Republics
Heady, Christopher; Smith, Stephen - C.E.P.R. Discussion Papers - 1995
This paper analyses the changes to the tax and social security systems that have occurred since Czechoslovakia's `velvet revolution' in 1989. It shows how the tax system is moving to meet the requirements of a market economy. It suggests that a particularly high priority has to be given to...
Persistent link: https://www.econbiz.de/10005504525
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Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience
Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1995
consumption, but to some extent also from changes in taxes and transfers. The latter result is also consistent with the Swedish …
Persistent link: https://www.econbiz.de/10005136472
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Non-Separable Preferences and Frisch Labor Supply: One Solution to a Fiscal Policy Puzzle
Bilbiie, Florin Ovidiu - C.E.P.R. Discussion Papers - 2009
This paper proposes a theoretical explanation of the empirical finding that private consumption increases in response to an increase in government spending. The explanation requires two ingredients. First, labor demand expands (e.g. prices are sticky). Second, general non-separable preferences...
Persistent link: https://www.econbiz.de/10008459766
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A Gini Decomposition Analysis of Inequality in the Czech and Slovak Republics during the Transition
Garner, Thesia I; Terrell, Katherine - C.E.P.R. Discussion Papers - 1998
analysis of changes in the channels of redistribution and a Gini decomposition. We find that the sizeable increase in overall …
Persistent link: https://www.econbiz.de/10005123731