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A General Equilibrium Model of Housing, Taxes, and Portfolio Choice

Berkovec, James - 1990

because government takes part of the risk from individual properties and diversifies it away. Measures to disallow property … tax or mortgage interest deductions do not help share this risk. Simulations of actual tax reform indicate a small shift … from rental to owner housing, and welfare gains from re-allocating risk …

Persistent link: https://www.econbiz.de/10012475521

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, Welfare Cost, and the 'Adaptability' of U.S. Corporate Taxes

Fullerton, Don - 1983

Alternative corporate tax systems differ in their ability to adapt to changes in the rate of inflation. Absent complete indexing of depreciation allowances, a tax system may use the expected inflation rate to set accelerated depreciation allowances in a way that minimizes the welfare loss from...

Persistent link: https://www.econbiz.de/10012477858

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

Tax and Subsidy Combinations for the Control of Car Pollution

Fullerton, Don - 2000

Despite technological advances, an individual car's emissions still cannot be measured reliably enough to impose a Pigovian tax. This paper explores alternative market incentives that could be used instead. We solve for second-best combinations of uniform taxes on gasoline, engine size, and...

Persistent link: https://www.econbiz.de/10012470976

A Tax on Output of the Polluting Industry is Not a Tax on Pollution : The Importance of Hitting the Target

Fullerton, Don - 1999

We explore the effects of environmental taxes that imprecisely target pollution. A review of actual policies indicates few (if any) examples of a true tax on pollution. More typically, environmental taxes target an input or output that is correlated with pollution. We construct a simple...

Persistent link: https://www.econbiz.de/10012471531

Can Taxes on Cars and on Gasoline Mimic an Unavailable Tax on Emissions?

Fullerton, Don - 1999

A tax on vehicle emissions can efficiently induce all of the cheapest forms of abatement. Consumers could drive less, buy a smaller car with better gas mileage, use cleaner gasoline, and repair pollution control equipment (PCE). However, the technology is not yet available to measure and tax...

Persistent link: https://www.econbiz.de/10012471742

The Impact of Fundamental Tax Reform on the Allocation of Resources

Fullerton, Don - 1986

Recent proposals for fundamental tax reform differ in their relative emphasis on interasset, intersectoral, interindustry, and intertemporal distortions. The model in this paper addresses these multiple issues in the design of taxes on capital incomes. It is capable of measuring the net effects...

Persistent link: https://www.econbiz.de/10012477171

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