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Maximizing Seignorage Revenue During Temporary Suspensions of Convertibility : A Note

Bordo, Michael - 1992

This note extends the theory of the revenue maximizing rate of monetary growth to the case of a temporary suspension of … convertibility. It also suggests a methodology for the interpretation of monetary behavior during historical periods of … revenue by generating an inflation, but the terminal condition of a return to convertibility implies that the price level must …

Persistent link: https://www.econbiz.de/10012474956

Currency Incontrovertibility, Trade Taxes and Smuggling

de Macedo, Jorge Braga - 1987

In the classic analysis of smuggling importers choose the optimal mix of legal and illegal trade, given trade taxes and the technology of detection. This paper introduces an inconvertible currency in the framework, so that illegal trade is valued at a rate higher than the (fixed) official...

Persistent link: https://www.econbiz.de/10012476893

Trading Volume : Implications of An Intertemporal Capital Asset Pricing Model

Lo, Andrew W. - 2001

We derive an intertemporal capital asset pricing model with multiple assets and heterogeneous investors, and explore its implications for the behavior of trading volume and asset returns. Assets contain two types of risks: market risk and the risk of changing market conditions. We show that...

Persistent link: https://www.econbiz.de/10012470153

Portfolio Balance, Price Impact, and Secret Intervention

Evans, Martin D. D. - 2001

This paper tests the portfolio-balance approach to exchange rate determination in a new way. Past work on portfolio balance in foreign exchange falls into two groups: (1) tests using measures of asset supply and (2) tests using measures of central-bank asset demand. We address the demand side,...

Persistent link: https://www.econbiz.de/10012470364

Taxation, Risk-Taking, and Household Portfolio Behavior

Poterba, James M. - 2001

This paper summarizes the current state of research on how taxation affects household decisions with respect to portfolio structure and asset trading. It discusses long-standing issues, such as the impact of differential taxation of income flows from stocks and bonds on the incentives for...

Persistent link: https://www.econbiz.de/10012470384

The Equivalence of the Social Security's Trust Fund Portfolio Allocation and Capital Income Tax Policy

Smetters, Kent - 2001

This paper proves that the stock-bond portfolio choice of the Social Security trust fund is equivalent in general equilibrium to the tax treatment of capital income by the non-social security part of government. A larger [smaller] share of social security's portfolio invested in stocks is...

Persistent link: https://www.econbiz.de/10012470465

Taxation and Portfolio Structure : Issues and Implications

Poterba, James M. - 2001

overview of how taxation affects household portfolio structure. It begins by outlining six aspects of portfolio behavior that may be influenced by the tax system. These are asset selection, asset allocation, borrowing, asset location in taxable and tax-deferred accounts, asset turnover, and...

Persistent link: https://www.econbiz.de/10012470501

Variable Selection for Portfolio Choice

Ait-Sahalia, Yacine - 2001

-expected utility (ambiguity aversion and prospect theory) objectives and characterize their market-timing, horizon effects, and hedging …

Persistent link: https://www.econbiz.de/10012470602

Style Investing

Barberis, Nicholas - 2000

We study asset prices in an economy where some investors classify risky assets into different styles and move funds back and forth between these styles depending on their relative performance. Our assumptions imply that news about one style can affect the prices of other apparently unrelated...

Persistent link: https://www.econbiz.de/10012470692

Occupation-Level Income Shocks and Asset Returns : Their Covariance and Implications for Portfolio Choice

Davis, Steven J. - 2000

-level equity portfolios. An application of the theory to the empirical results shows (a) large predicted levels of risky asset …

Persistent link: https://www.econbiz.de/10012470832

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