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The Transition to Investment-Based Social Security when Portfolio Returns and Capital Profitability are Uncertain
Feldstein, Martin - 1999
In this paper we study the transition from a pay-as-you-go system of Social Security pensions to an investment-based system in an economy in which portfolio returns and capital profitability are both uncertain. The paper extends earlier studies by Feldstein and Samwick that modeled the...
Persistent link: https://www.econbiz.de/10012471784
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The Effective Tax Rate and the Pretax Rate of Return
Feldstein, Martin - 1981
This paper presents new estimates of the taxes paid on nonfinancial corporate capital, on the pretax rate of return to capital, and on the effective tax rate. The basic time series show that both the pretax rate of return and the effective tax rate have varied substantially in the past quarter...
Persistent link: https://www.econbiz.de/10012478375
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The Effects of Taxation on the Selling of Corporate Stock and the Realization of Capital Gains
Feldstein, Martin - 1981
This study provides the first econometric analysis of the effect of taxation on the realization of capital gains. The analysis thus extends and complements the earlier study by Feldstein and Yitzhaki [1978] of the effect of taxation on the selling of corporate stock. The present analysis, using...
Persistent link: https://www.econbiz.de/10012478484
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Strategic Trade, Competitive Industries and Agricultural Trade Disputes
Bagwell, Kyle - 2000
The primary predictions of strategic-trade theory are not restricted to imperfectly-competitive markets. Indeed, these … predictions emerge in a natural three-country extension of the traditional theory of trade policy in competitive markets, once the … theory is augmented to allow for politically-motivated governments, so that the sign of export policy may be converted from …
Persistent link: https://www.econbiz.de/10012470921
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The Distributional Effects of an Investment-Based Social Security System
Feldstein, Martin - 2000
In this paper we study the distributional impact of a change from the existing pay-as-you-go Social Security system to one that combines both pay-as-you-go and investment-based elements. Critics of investment-based plans have been concerned that such plans might reduce the retirement income of...
Persistent link: https://www.econbiz.de/10012471284
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International Debt Service and Economic Growth : Some Simple Analytics
Feldstein, Martin - 1986
Any arrangement that is to serve as a long-term framework for international debt management must permit a politically acceptable rate of economic growth in the debtor countries while gradually improving the financial positions of the creditor banks. In addition, a realistic debt management...
Persistent link: https://www.econbiz.de/10012476994
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The Effects of Fiscal Policies When Incomes are Uncertain : A Contradiction to Ricardian Equivalence
Feldstein, Martin - 1986
. Thus, contrary to the theory developed by Barro and a number of subsequent writers, an operative bequest motive need not …
Persistent link: https://www.econbiz.de/10012477007
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Can an Increased Budget Deficit Be Contractionary?
Feldstein, Martin - 1984
The present paper shows how a negative fiscal multiplier is possible in a two-sector economy that is otherwise similar to the traditional one-sector Keynesian analysis. The key to this surprising possibility is that an increased budget deficit changes the sectoral balance of demand. A reduction...
Persistent link: https://www.econbiz.de/10012477655
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Debt and Taxes in the Theory of Public Finance
Feldstein, Martin - 1984
If a specified amount of government spending must be financed, how should that finance be divided between taxes and government borrowing? In the case of a temporary increase in government spending, it has been argued that debt finance is optimal because the small increments in all future tax...
Persistent link: https://www.econbiz.de/10012477656
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The Optimal Level of Social Security Benefits
Feldstein, Martin - 1982
The optimal level of Social Security benefits depends on balancing the protection that these benefits offer to those who have not provided adequately for their own old age against the welfare costs of distorting economic behavior. The primary such cost is the distortion in private saving. The...
Persistent link: https://www.econbiz.de/10012478135