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Inflation, real interest tax wedges, and capital formation

Dewald, William G. - Federal Reserve Bank of St. Louis - 1998

Inflation magnifies the distorting effects of taxation when the tax treatment of interest income and expense is not …

Persistent link: https://www.econbiz.de/10005490970

Do productivity growth, budget deficits, and monetary policy actions affect real interest rates? evidence from macroeconomic announcement data

Kliesen, Kevin L.; Schmid, Frank A. - Federal Reserve Bank of St. Louis - 2004

Real-business-cycle models suggest that an increase in the rate of productivity growth increases the real rate of interest. But economic theory is ambiguous when it comes to the effect of government budget deficits on the real rate of interest. Similarly, little is known about the effect of...

Persistent link: https://www.econbiz.de/10005352806

Intergenerational policy and the measurement of tax incidence

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2013

Policymakers often use measures of tax incidence (generational accounts) as criteria for policy selection. We use a quantitative model of optimal intergenerational policy to evaluate the ability of the tax incidence metric to capture the identity of recipients and contributors and the magnitudes...

Persistent link: https://www.econbiz.de/10010640522

Generational policy and the macroeconomic measurement of tax incidence

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2009

In this paper we show that the generational accounting framework used in macroeconomics to measure tax incidence can, in some cases, yield inaccurate measurements of the tax burden across age cohorts. This result is very important for policy evaluation, because it shows that the selection of tax...

Persistent link: https://www.econbiz.de/10004973893

Indirect taxation and the welfare effects of altruism on the optimal fiscal policy

Garriga, Carlos; Sánchez-Losada, Fernando - Federal Reserve Bank of St. Louis - 2009

taxation (consumption and estate taxes) with important welfare implications. We use three different altruistic approaches (warm … ability to use indirect taxation to mimic lump-sum taxation and to implement the first-best outcome in the long-run. This … generations economy, where long-run welfare is suboptimal and indirect taxation is irrelevant. …

Persistent link: https://www.econbiz.de/10008583257

Optimal taxation with imperfect competition and aggregate returns to specialization

Coto-Martínez, Javier; Garriga, Carlos; … - Federal Reserve Bank of St. Louis - 2007

In this paper we explore the proposition that in economies with imperfect competitive markets the optimal capital income tax is negative and the optimal tax on firms profits is confiscatory. We show that if the total factor productivity as well as the measure of firms or varieties are endogenous...

Persistent link: https://www.econbiz.de/10005352792

Predicting bond excess returns with forward rates: an asset-allocation perspective

Thornton, Daniel L.; Valente, Giorgio - Federal Reserve Bank of St. Louis - 2010

This paper revisits the predictability of bond excess returns by means of long-term forward interest rates. We assess the economic value of out-of-sample forecasting ability of empirical models based on forward rates in a dynamic asset allocation strategy. Our results show that the information...

Persistent link: https://www.econbiz.de/10008676426

Monetary policy in a low policy rate environment

Bullard, James - Federal Reserve Bank of St. Louis - 2013

May 23, 2013. Presentation. "Monetary Policy in a Low Policy Rate Environment." OMFIF Golden Series Lecture, London.

Persistent link: https://www.econbiz.de/10010727333

Shadow interest rates and the stance of U.S. monetary policy

Bullard, James - Federal Reserve Bank of St. Louis - 2012

November 8, 2012. Presentation. "Shadow Interest Rates and the Stance of U.S. Monetary Policy." Presented at the Center for Finance and Accounting Research Annual Corporate Finance Conference, Olin Business School, Washington University in St. Louis

Persistent link: https://www.econbiz.de/10010727345

Are real interest rates too high?

Poole, William - Federal Reserve Bank of St. Louis - 1999

Presentation to the Money Marketeers of New York University, New York City - Sept. 21, 1999

Persistent link: https://www.econbiz.de/10011185075

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