prices are sticky (so that the supply-side effects of tax changes are more complex than in standard fiscal analyses) and the … conventional analyses of optimal monetary stabilization policy and analyses of optimal tax-smoothing as special cases of our more …

capital tax is typically non-zero because it is used to indirectly mitigate an externality along the extensive labor margin …, we show that the optimal capital income tax is still non-zero. We also show that labor adjustment along the intensive … margin has an important effect on efficiency at the extensive margin, and hence on the optimal capital tax, independent of …

whereas the IMF assumes unit income-elasticity of its parameters and uses historical average tax and spending rates; and (4 … factors but they do so differently; (3) the OECD estimates its marginal tax and expenditure rates from a structural model …

spending and tax actions, and alternative treatments of expectations (adaptive versus rational) are analyzed. ; The results …, or to the extent that the fiscal package emphasized spending cuts and personal taxes rather than corporate and excise …