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Mulligan, Casey - National Bureau of Economic Research (NBER) - 2002

I construct direct measures of labor-leisure distortions for the American economy during the period 1889-1996, using a new method for empirically evaluating competitive equilibrium models and extending that method to some noncompetitive situations. I then compare measured labor-leisure...

Persistent link: https://www.econbiz.de/10005720449

Defense Government Spending Is Contractionary, Civilian Government Spending Is Expansionary

Perotti, Roberto - National Bureau of Economic Research (NBER) - 2014

Impulse responses to government spending shocks in Standard Vector Autoregressions (SVARs) typically display "expansionary" features. However, SVARs can be subject to a "non-fundamentalness" problem. "Expectations - Augmented" VARs (EVARs), which use direct measures of forecasts of defense...

Persistent link: https://www.econbiz.de/10010821744

The Role of Automatic Stabilizers in the U.S. Business Cycle

Reis, Ricardo; McKay, Alisdair - National Bureau of Economic Research (NBER) - 2013

Most countries have automatic rules in their tax-and-transfer systems that are partly intended to stabilize economic fluctuations. This paper measures how effective they are. We put forward a model that merges the standard incomplete-markets model of consumption and inequality with the new...

Persistent link: https://www.econbiz.de/10010821938

Does Federal Financial Aid Affect College Enrollment? Evidence from Drug Offenders and the Higher Education Act of 1998

Lovenheim, Michael F.; Owens, Emily G. - National Bureau of Economic Research (NBER) - 2013

In 2001, amendments to the Higher Education Act made people convicted of drug offenses ineligible for federal financial aid for up to two years after their conviction. Using rich data on educational outcomes and drug charges in the NLSY 1997, we show that this law change had a large negative...

Persistent link: https://www.econbiz.de/10010950693

A Dual Method of Empirically Evaluating Dynamic Competitive Equilibrium Models with Market Distortions, Applied to the Great Depression & World War II

Mulligan, Casey - National Bureau of Economic Research (NBER) - 2002

I prove some theorems for competitive equilibria in the presence of market distortions, and use those theorems to motivate an algorithm for (simply and exactly) computing and empirically evaluating competitive equilibria for dynamic economies. Although a competitive equilibrium models...

Persistent link: https://www.econbiz.de/10005575170

The Lifetime Incidence of State and Local Taxes: Measuring Changes During the 1980s

Metcalf, Gilbert E. - National Bureau of Economic Research (NBER) - 1993

I compute the lifetime tax incidence of the major state and local taxes used in the United States during the 1980s. Using data from the Consumer Expenditure Survey, I show that over the life cycle, general sales taxes are progressive and equally as progressive as state and local income taxes....

Persistent link: https://www.econbiz.de/10005579959

Taxes, Regulations, and Asset Prices

Prescott, Edward C.; McGrattan, Ellen R. - National Bureau of Economic Research (NBER) - 2001

U.S. stock prices have increased much faster than gross domestic product (GDP) in the postwar period. Between 1962 and 2000, corporate equity value relative to GDP nearly doubled. In this paper, we determine what standard growth theory says the equity value should be in 1962 and 2000, the two...

Persistent link: https://www.econbiz.de/10005775107

Why is Economic Policy Different in New Democracies? Affecting Attitudes About Democracy

Drazen, Allan; Brender, Adi - National Bureau of Economic Research (NBER) - 2007

When democracy is new, it is often fragile and not fully consolidated. We investigate how the danger of a collapse of democracy may affect fiscal policy in new democracies in comparison to countries where democracy is older and often more established. We argue that the attitude of the citizenry...

Persistent link: https://www.econbiz.de/10005777307

What do Aggregate Consumption Euler Equations Say about the Capital Income Tax Burden?

Mulligan, Casey - National Bureau of Economic Research (NBER) - 2004

stock well, which leads us to three empirical findings relating to the capital income tax burden. First, capital taxation … drives a wedge between consumption growth and the expected pre-tax capital return. Second, capital taxation is the major … growth and the expected pre-tax capital return are associated with capital taxation. Third, consumption growth appears to be …

Persistent link: https://www.econbiz.de/10005777848

Sticking it Out: Entrepreneurial Survival and Liquidity Constraints

Joulfaian, David; Rosen, Harvey; Holtz-Eakin, Douglas - National Bureau of Economic Research (NBER) - 1993

This paper analyzes the role of liquidity constraints in the formation of new entrepreneurial enterprises. The basic empirical strategy is to determine whether an individual's wealth affects the probability of becoming an entrepreneur, and the conditional amounts of depreciable assets, ceteris...

Persistent link: https://www.econbiz.de/10005778093