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Optimal Taxation in Theory and Practice
Mankiw, N. Gregory - 2009
We highlight and explain eight lessons from optimal tax theory and compare them to the last few decades of OECD tax … policy. As recommended by theory, top marginal income tax rates have declined, marginal income tax schedules have flattened … theory. Moreover, some of theory's more subtle prescriptions, such as taxes that involve personal characteristics, asset …
Persistent link: https://www.econbiz.de/10012463578
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New Directions for Stochastic Open Economy Models
Obstfeld, Maurice - 1999
The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade....
Persistent link: https://www.econbiz.de/10012471471
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Fiscal Policy, Profits, and Investment
Alesina, Alberto - 1999
This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. In particular, we investigate how different types of fiscal policy affect profits and , as a result, investment. We find a sizable negative effect of public spending -- and in particular of its...
Persistent link: https://www.econbiz.de/10012471581
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Noise Trading and Exchange Rate Regimes
Jeanne, Olivier - 1999
Both the literature and new empirical evidence show that exchange rate regimes differ primarily by the noisiness of the exchange rate, not be measurable macroeconomic fundamentals. This motivates a theoretical analysis of exchange rate regimes with noise traders. The presence of noise traders...
Persistent link: https://www.econbiz.de/10012471695
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Asset Price Bubbles and Systemic Risk
Brunnermeier, Markus K. - 2019
We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty years. Systemic risk of banks rises already during a bubble's build-up phase, and even more so during its bust. The increase differs strongly across banks and bubble episodes....
Persistent link: https://www.econbiz.de/10012479725
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Trade Linkages and Output-Multiplier Effects : A Structural VAR Approach with a Focus on Asia
Abeysinghe, Tilak - 2001
This paper develops a structural VAR model to measure how a shock to one country can affect the GDP of other countries. It uses trade linkages to estimate the multiplier effects of a shock as it is transmitted through other countries' output fluctuations. The paper introduces a new specification...
Persistent link: https://www.econbiz.de/10012470116
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Asset Prices, Consumption, and the Business Cycle
Campbell, John Y. - 1998
stylized facts that characterize US data, and relates them to recent developments in equilibrium asset pricing theory. Data …
Persistent link: https://www.econbiz.de/10012472320
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Managing the Public Debt in Fiscal Stabilizations : The Evidence
Missale, Alessandro - 1997
This paper provides evidence on the behavior of public debt managers during fiscal" stabilizations in OECD countries over the last two decades. We find that debt maturity tends to" lengthen the more credible the program, the lower the long-term interest rate and the higher the" volatility of...
Persistent link: https://www.econbiz.de/10012472502
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Do Nontraded Goods Explain the Home Bias Puzzle?
Pesenti, Paolo - 1996
Interpretations of the home bias puzzle in international finance have fre- quently focused on the role of fluctuations in domestic nontraded output, through their effects on the marginal utility of tradables consumption. This paper assesses the empirical evidence of this aproach, by deriving an...
Persistent link: https://www.econbiz.de/10012473049
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Technology, Factor Supplies and International Specialization : Estimating the Neoclassical Model
Harrigan, James - 1996
The standard neoclassical model of trade theory predicts that international specialization will be jointly determined … by cross-country differences in relative factor endowments and relative technology levels. This paper uses duality theory …-neutral technology differences are measured using an application of the theory of total factor productivity comparisons, and factor …
Persistent link: https://www.econbiz.de/10012473116