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The "Other" Imbalance and the Financial Crisis

Caballero, Ricardo J - National Bureau of Economic Research (NBER) - 2010

the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …

Persistent link: https://www.econbiz.de/10008610950

A Series of Unfortunate Events: Common Sequencing Patterns in Financial Crises

Reinhart, Carmen - National Bureau of Economic Research (NBER) - 2012

in the summer of 2007 is unprecedented in the post World War II era and, as such, the most relevant comparison benchmark …

Persistent link: https://www.econbiz.de/10011188524

Does Macro-Pru Leak? Evidence from a UK Policy Experiment

Calomiris, Charles W.; Aiyar, Shekhar; Wieladek, Tomasz - National Bureau of Economic Research (NBER) - 2012

The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro-prudential regimes internationally. For such regulation to be effective in controlling the aggregate supply of credit it must be the case that: (i) changes in capital requirements...

Persistent link: https://www.econbiz.de/10009652785

Fiscal Devaluations

Farhi, Emmanuel; Gopinath, Gita; Itskhoki, Oleg - National Bureau of Economic Research (NBER) - 2011

We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a dynamic New Keynesian open economy environment. We perform the analysis under...

Persistent link: https://www.econbiz.de/10009652818

Growth Volatility and Financial Liberalization

Bekaert, Geert; Harvey, Campbell; Lundblad, Christian - National Bureau of Economic Research (NBER) - 2004

We examine the effects of both equity market liberalization and capital account openness on real consumption growth variability. We show that financial liberalization is mostly associated with lower consumption growth volatility. Our results are robust, surviving controls for business-cycle...

Persistent link: https://www.econbiz.de/10005778633

Merit Motives and Government Intervention: Public Finance in Reverse

Mulligan, Casey; Philipson, Tomas - National Bureau of Economic Research (NBER) - 2000

A common view in public finance is that there is an efficiency-redistribution tradeoff in which distortions are tolerated in order to redistribute income. However, the fact that so much public- and private redistributive activity involves in-kind transfers rather than cash may be indicative of...

Persistent link: https://www.econbiz.de/10005830088

Worker Sorting, Taxes and Health Insurance Coverage

Lang, Kevin; Kang, Hong - National Bureau of Economic Research (NBER) - 2007

We develop a model in which firms hire heterogeneous workers but must offer all workers insurance benefits under similar terms. In equilibrium, some firms offer free health insurance, some require an employee premium payment and some do not offer insurance. Making the employee contribution...

Persistent link: https://www.econbiz.de/10005830161

Efficiency Effects on the U.S. Economy from Wireless Taxation

Hausman, Jerry A. - National Bureau of Economic Research (NBER) - 1999

This paper measures for the first time the economic efficiency effects of the taxation of wireless services, which are taxed by federal, state, and local governments at relatively high rates in the range of 14%-25%. The paper concludes such taxes are a much greater drain on the economy than...

Persistent link: https://www.econbiz.de/10005830643

Distributional Effects of Environmental and Energy Policy: An Introduction

Fullerton, Don - National Bureau of Economic Research (NBER) - 2008

This chapter reviews literature on the distributional effects of environmental and energy policy. In particular, many effects of such policy are likely regressive. First, it raises the price of fossil-fuel-intensive products, expenditures on which are a high fraction of low-income budgets....

Persistent link: https://www.econbiz.de/10005830820

Tax-Efficient Asset Management: Evidence from Equity Mutual Funds

Sialm, Clemens; Zhang, Hanjiang - National Bureau of Economic Research (NBER) - 2015

Investment taxes have a substantial impact on the performance of taxable mutual fund investors. Mutual funds can reduce the tax burdens of their shareholders by avoiding securities that are heavily taxed and by avoiding realizing capital gains that trigger higher tax burdens to the funds’...

Persistent link: https://www.econbiz.de/10011240568

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