Similar Search Results

Auerbach, Alan J. - 1981

This paper explores the taxation of risky assets, both from the theoretical perspective of optimal taxation and from the practical one of measuring "the" tax rate on an asset when, as under existing practice, its stochastic returns are subject to differential tax treatment across states of...

Persistent link: https://www.econbiz.de/10012478307

Taxation, Portfolio Choice, and Debt-Equity Ratios : A General Equilibrium Model

Auerbach, Alan J. - 1980

This paper explores the portfolio behavior of investors differing with respect to both tax rates and risk …

Persistent link: https://www.econbiz.de/10012478595

Uncertainty and the Design of Long-Run Fiscal Policy

Auerbach, Alan J. - 1999

This paper explores optimal fiscal policy in an overlapping-generations general-equilibrium model under uncertainty and the impact on optimal policy of the introduction of a type of policy stickiness intended to account for the stylized fact that major reforms happen infrequently. In general,...

Persistent link: https://www.econbiz.de/10012471764

Corporate Financial Policy, Taxes, and Uncertainty : An Integration

Auerbach, Alan J. - 1979

, paying particular attention to the influence of differences in tax rates and attitudes toward risk. Under the plausible … assumptions that households are more risk averse than institutions and possess a greater relative "tax preference" for equity … versus debt, we are able to characterize the equilibria which may result when debt is subject to bankruptcy risk. Among the …

Persistent link: https://www.econbiz.de/10012478825

Contracts and Money

Jovanovic, Boyan - 1996

We analyze the contractual relation between workers and their employers when there is nominal risk. The key feature of … eliminate all nominal risk for the parties (by fully indexing the terms of the contracts to the price level) but they would be …

Persistent link: https://www.econbiz.de/10012473208

Dynamic Incentive Contracts Under Parameter Uncertainty

Prat, Julien - 2010

Commitment is therefore more valuable when quality is known more precisely. Incentives then are easier to provide because the agent has less room to manipulate the beliefs of the principal. Moreover, in contrast to results under one-period commitment, wage volatility declines as experience...

Persistent link: https://www.econbiz.de/10012462007

Uncertainty and Growth Disasters

Jovanovic, Boyan - 2020

This paper documents several facts on the real effects of economic uncertainty. First, higher uncertainty is associated with a more dispersed distribution of output growth. Second, the relation is highly asymmetric: A rise in uncertainty is associated with a sharp decline in the lower tail of...

Persistent link: https://www.econbiz.de/10012482243

Trading on Sunspots

Jovanovic, Boyan - 2014

In a model with multiple Pareto-ranked equilibria we add trade in assets that pay based on the realization of a sunspot. Asset trading restricts the equilibrium set in a way that raises welfare by eliminating equilibria with a high likelihood of disasters. When the probability of a disaster is...

Persistent link: https://www.econbiz.de/10012457853

Capital Gains Realizations of the Rich and Sophisticated

Auerbach, Alan J. - 2000

This paper attempts to bring theoretical and empirical research on capital gains realization behavior closer together by considering whether investors who appear to engage more in strategic tax avoidance activity also respond differently to tax rates. We find that such investors exhibit...

Persistent link: https://www.econbiz.de/10012471242

A New Measure of Horizontal Equity

Auerbach, Alan J. - 1999

In this paper, we propose a new measure of horizontal equity that overcomes many of the shortcomings of previous proposed measures. Our starting point is the observation that a well-behaved social welfare function need not evaluate global' (vertical equity) differences in after-tax income using...

Persistent link: https://www.econbiz.de/10012471765

1
2
3
4
5
6
7
8
Next
Last