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Optimal Income Taxation
Kaplow, Louis - National Bureau of Economic Research - 2022
This article explores subjects in optimal income taxation characterized by recent research interest, practical importance in light of concerns about inequality, potential for misunderstanding, and prospects for advancement. Throughout, the analysis highlights paths for further investigation....
Persistent link: https://www.econbiz.de/10013334417
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The distribution of wealth and fiscal policy in economies with finitely lived agents
Benhabib, Jess - 2009
We study the dynamics of the distribution of overlapping generation economy with finitely lived agents and inter-generational transmission of wealth. Financial markets are incomplete, exposing agents to both labor income and capital income risk. We show that the stationary wealth distribution is...
Persistent link: https://www.econbiz.de/10012463917
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Optimal Taxes on Capital in the OLG Model with Uninsurable Idiosyncratic Income Risk
Krueger, Dirk - 2018
We characterize the optimal linear tax on capital in an Overlapping Generations model with two period lived households facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium feedback of private precautionary saving. For logarithmic utility...
Persistent link: https://www.econbiz.de/10012453379
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Pareto Improving Social Security Reform when Financial Markets are Incomplete?
Krueger, Dirk - 2003
This paper studies an Overlapping Generations model with stochastic production and incomplete markets to assess whether the introduction of an unfunded social security system can lead to a Pareto improvement. When returns to capital and wages are imperfectly correlated, the consumption variance...
Persistent link: https://www.econbiz.de/10012469293
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Valuing Government Obligations When Markets are Incomplete
Hasanhodzic, Jasmina - 2017
Determining how to value net government obligations is a long-standing and fundamental question in public finance. Its answer is critical to cost-benefit analysis, the assessment of fiscal sustainability, generational accounting, and other economic issues. This paper posits and simulates a...
Persistent link: https://www.econbiz.de/10012453621
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Consumption Taxes and Economic Efficiency in a Stochastic OLG Economy
Nishiyama, Shinichi - 2003
Fundamental tax reform is examined in a heterogeneous overlapping-generations (OLG) model in which agents face idiosyncratic earnings shocks and uncertain life spans. Following Auerbach and Kotlikoff (1987), a Lump-Sum Redistribution Authority is used to rigorously examine efficiency gains over...
Persistent link: https://www.econbiz.de/10012469211
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Inequality and Growth
Benabou, Roland - 1996
distribution and growth, as well as the relevant empirical evidence. The first model integrates the political economy and imperfect … growth costs and benefits of redistribution through taxes, land reform or public schooling: such policies simultaneously … depress savings incentives and ease wealth constraints which impede investment by the poor. The second model is a growth …
Persistent link: https://www.econbiz.de/10012473184
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Book-Value Wealth Taxation, Capital Income Taxation, and Innovation
Guvenen, Fatih; Kambourov, Gueorgui; Kuruşçu, Burhanettin - National Bureau of Economic Research - 2024
When is a wealth tax preferable to a capital income tax? When is the opposite true? More generally, can capital taxation be structured to improve productivity, incentivize innovation, and ultimately increase welfare? We study these questions theoretically in an infinite-horizon model with...
Persistent link: https://www.econbiz.de/10014576614
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Bequests and Social Security With Uncertain Lifetimes
Abel, Andrew B. - 1984
The fact that consumers do not know in advance the dates at which they will die effects their individual consumption and portfolio decisions. In general, some consumers will end up leaving bequests at death, even if they have no bequest motive, simply because they happen to die at a time when...
Persistent link: https://www.econbiz.de/10012477718
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Who Owns Children and Does it Matter?
Schoonbroodt, Alice - 2010
Is there an economic rationale for pronatalist policies? In this paper we propose and analyze a particular market failure that may lead to inefficiently low equilibrium fertility and therefore to a need for government intervention. The friction we investigate is related to the ownership of...
Persistent link: https://www.econbiz.de/10012462988