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Intergenerational Risk Sharing in the Spirit of Arrow, Debreu, and Rawls, with Applications to Social Security Design
Ball, Laurence - 2001
This paper examines the optimal allocation of risk in an overlapping-generations economy. It compares the allocation of risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian 'veil of ignorance' could share risk with one another through...
Persistent link: https://www.econbiz.de/10012470454
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Spreading the Wealth Around : Reflections Inspired by Joe the Plumber
Mankiw, N. Gregory - 2010
individuals' moral intuitions. The essay then explores an alternative normative framework, dubbed the Just Deserts Theory …
Persistent link: https://www.econbiz.de/10012462806
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Optimal Taxation in Theory and Practice
Mankiw, N. Gregory - 2009
We highlight and explain eight lessons from optimal tax theory and compare them to the last few decades of OECD tax … policy. As recommended by theory, top marginal income tax rates have declined, marginal income tax schedules have flattened … theory. Moreover, some of theory's more subtle prescriptions, such as taxes that involve personal characteristics, asset …
Persistent link: https://www.econbiz.de/10012463578
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The Optimal Taxation of Height : A Case Study of Utilitarian Income Redistribution
Mankiw, N. Gregory - 2009
Should the income tax include a credit for short taxpayers and a surcharge for tall ones? The standard Utilitarian framework for tax analysis answers this question in the affirmative. Moreover, a plausible parameterization using data on height and wages implies a substantial height tax: a tall...
Persistent link: https://www.econbiz.de/10012463673
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The Savers-Spenders Theory of Fiscal Policy
Mankiw, N. Gregory - 2000
The macroeconomic analysis of fiscal policy is usually based on one of two canonical models--the Barro-Ramsey model of infinitely-lived families or the Diamond-Samuelson model of overlapping generations. This paper argues that neither model is satisfactory and suggests an alternative. In the...
Persistent link: https://www.econbiz.de/10012471204
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Permanent and Transitory Components in Macroeconomic Fluctuations
Campbell, John Y. - 1987
Fluctuations in real GNP have traditionally been viewed as transitory deviations from a deterministic time trend. The purpose of this paper is to review some of the recent developments that have led to a new view of output fluctuations and then to provide some additional evidence. Using post-war...
Persistent link: https://www.econbiz.de/10012476900
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Are Tax Cuts Really Expansionary?
Mankiw, N. Gregory - 1984
In this paper, we re-examine the standard analysis of the short-run effect of a personal tax cut. If consumer spending generates more money demand than other components of GNP, then tax cuts may, by increasing the demand for money, depress aggregate demand. We examine a variety of evidence and...
Persistent link: https://www.econbiz.de/10012477645
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Consumer Durables and the Real Interest Rate
Mankiw, N. Gregory - 1983
One important channel through which real interest rates affect aggregate demand is consumer expenditure on durable goods. This paper examines empirically the link between interest rates and consumer durables. Solving for the decision rule relating income and interest rates to consumer demand is...
Persistent link: https://www.econbiz.de/10012477953
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Intertemporal Substitution in Macroeconomics
Mankiw, N. Gregory - 1982
Modern neoclassical theories of the business cycle posit that aggregate fluctuations in consumption and employment are the consequence of dynamic optimizing behavior by economic agents who face no quantity constraint. In this paper, we estimate an explicit model :f this type. In particular, we...
Persistent link: https://www.econbiz.de/10012478210
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Aggregation and Stabilization Policy in a Multi-Contract Economy
Blinder, Alan S. - 1982
This paper presents a model of a multi-sector economy in which each sector is characterized by a different type of wage or price stickiness. The various sectors experience the same exogenous shocks and have the same money supply. The analysis shows demand shocks pose no serious problems for...
Persistent link: https://www.econbiz.de/10012478238