Using the 2003 reduction in dividend tax rates to identify an exogenous change in the after-tax value of dividends to … dividends for personal liquidity reasons, there is a significantly greater likelihood of a dividend increase following the 2003 … provide evidence that approximately one-third of the firms that initiated dividends in 2003, a higher share than in previous …

that dividend payouts by real estate investment trusts also rose sharply following the tax cut, even though REIT dividends …

We examine the effects of the 2003 dividend tax cut on U.S. stock prices and corporate payout policies. First, using an … tax change did appear to induce an increase in dividends, especially at firms where executive compensation was weighted …

stochastic differential equations which describe the dynamic paths of a vector of state variables, prices, and PPP deviations …'s fundamental dynamic nature. The model is shown to be consistent with the domestic-general equilibrium asset pricing models of Cox …

-Fleming style models. However, we argue such stark differences hinge on calibrations that impose an implausibly high trade price … composition of expenditure, and on the wedge between consumer and domestic prices, rather than on the response of aggregate output … and domestic prices. …

the special case in which prices are sticky and wages are perfectly flexible. When the model is calibrated to exhibit an …

experienced the most pronounced fluctuations in income and prices of this century. Is our current understanding of the behavior of … suggest that the role of income and prices in determining imports is not known with any precision. This paper offers the first …-1992 data, I find that income and prices do not affect imports whereas the opposite conclusion arises with postwar data. The …

If price levels are initially different across the euro area, convergence to a common level of prices would imply that … inflation will be higher in countries where prices are initially low. Price level convergence thus provides a potential … between 1990 and 1999 prices did become less dispersed in the euro area. Convergence is especially evident for traded goods …