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Taxation of human capital and wage inequality: a cross-country analysis

Guvenen, Fatih; Kuruscu, Burhanettin; Ozkan, Serdar - Federal Reserve Bank of Minneapolis - 2009

. Progressive taxation compresses the (after-tax) wage structure, thereby distorting the incentives to accumulate human capital, in …

Persistent link: https://www.econbiz.de/10008610996

On financing retirement with an aging population

McGrattan, Ellen R.; Prescott, Edward C. - Federal Reserve Bank of Minneapolis - 2012

A problem facing the United States and many other countries is how to finance retirement consumption as the number of their workers per retiree falls. Policy analysts are increasingly advocating a move to a savings-for-retirement system. An apparent problem with this move is the shortage of good...

Persistent link: https://www.econbiz.de/10010702255

Technical appendix: on financing retirement with an aging population

McGrattan, Ellen R.; Prescott, Edward C. - Federal Reserve Bank of Minneapolis - 2012

Persistent link: https://www.econbiz.de/10010702259

Risk sharing, inequality, and fertility

Hosseini, Roozbeh; Jones, Larry E.; Shourideh, Ali - Federal Reserve Bank of Minneapolis - 2009

We use an extended Barro-Becker model of endogenous fertility, in which parents are heterogeneous in their labor productivity, to study the efficient degree of consumption inequality in the long run. In our environment a utilitarian planner allows for consumption inequality even when labor...

Persistent link: https://www.econbiz.de/10008636203

Capital taxation during the U.S. Great Depression

McGrattan, Ellen R. - Federal Reserve Bank of Minneapolis - 2010

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 …

Persistent link: https://www.econbiz.de/10005004156

Tax buyouts

Negro, Marco Del; Perri, Fabrizio; Schivardi, Fabiano - Federal Reserve Bank of Minneapolis - 2010

The paper studies a fiscal policy instrument that can reduce fiscal distortions without affecting revenues, in a … distortions, it benefits a significant fraction of the population and leads to sizable increases in aggregate labor supply, income …

Persistent link: https://www.econbiz.de/10008475887

Taxing risk and the optimal regulation of financial institutions

Kocherlakota, Narayana - Federal Reserve Bank of Minneapolis - 2010

Knowing that bailouts are inevitable because governments will rescue firms whose collapse may cause systemic failure, financial institutions fail to internalize risks their investments impose on society, thereby creating a “risk externality.” This paper proposes that just as taxes are...

Persistent link: https://www.econbiz.de/10008498208

Seigniorage as a tax: a quantitative evaluation

Imrohoroglu, Ayse; Prescott, Edward C. - Federal Reserve Bank of Minneapolis - 1991

In this paper we analyze the efficacy of seignorage as a tax associated with various monetary arrangements in a computable general equilibrium model. For the economies examined, we find that seignorage tax is not a good one relative to a tax on labor income. If the after-tax real return is –5...

Persistent link: https://www.econbiz.de/10005367647

On the size of U.S. government: political economy in the neoclassical growth model

Krusell, Per; Rios-Rull, Jose-Victor - Federal Reserve Bank of Minneapolis - 1997

. This allows a quantitative assessment of the equilibrium costs of redistribution, which involves distortions to the labor …

Persistent link: https://www.econbiz.de/10005367648

Sequential equilibria in a Ramsey tax model

Phelan, Christopher; Stacchetti, Ennio - Federal Reserve Bank of Minneapolis - 1999

This paper presents a full characterization of the equilibrium value set of a Ramsey tax model. More generally, it develops a dynamic programming method for a class of policy games between the government and a continuum of consumers. By selectively incorporating Euler conditions into a strategic...

Persistent link: https://www.econbiz.de/10005367735