policy to stabilize cyclical fluctuations, and this is done for the economy being studied. The benefits of implementing such … a stabilization policy are calculated and compared with the size of the welfare gains realized from reducing various tax …

commodity taxation. We show that there is no connection between our results and the result in the standard public finance …

We study dynamic optimal taxation in a class of economies with private information. Constrained optimal allocations in …

policy. We show that for the Bewley (1986) class of models with heterogeneous agents and incomplete markets (due to uninsured …

. Of particular interest to EU ministers is taxation of mobile factors like capital. Mendoza and Tesar (MT) use a game … gains of tax coordination relative to that of tax competition are small. I discuss these findings in light of current policy …

effective estate tax system seems to insulate most of the businesses from the negative effects of estate taxation thus …

Previous studies quantifying the effects of increased capital taxation during the U.S. Great Depression find that its …. This paper confirms that the effects are small in the case of taxation of business profits, but finds large effects in the … case of taxation of dividend income. Tax rates on dividends rose dramatically during the 1930s and, when fed into a general …

policy analysis. Moreover, over the last several decades, the United States and other countries have undertaken a variety of … policy changes that are precisely what macroeconomic theory of the last 30 years suggests. The three key developments that … have shaped macroeconomic policy analysis are the Lucas critique of policy evaluation due to Robert Lucas, the time …