This paper examines the growth experience of a cross section of U.S. firms, and relates these findings to the financial returns of these firms

We calibrate the model to the U.S. data and numerically characterize transition paths from the current tax system to a reformed system. All our experiments are revenue-neutral. Starting from the current tax code, we allow for transitions to reformed steady-states in which the capital income...

This paper documents a strong link between firm level total factor productivity (TFP) and several firm characteristics that are known to predict future stock returns, such as size, the book to market ratio, investment, and hiring rate. TFP is positively related to contemporaneous stock returns...

The U.S. national saving rate has been declining since the 1960s while the share of consumption in output has been increasing. We explore if a standard growth model can explain the secular movements observed in this time period. Our quantitative findings indicate that the standard neoclassical...

In 1978, California passed one of the most significant tax changes initiated by voters in the United States. Proposition 13, stipulated rolling back property assessments for tax purposes to 1975 market value levels, and restricted future property tax increases. In this paper, we study the...

Publicly held debt to GDP ratio in the U.S. is estimated to be 72% in 2011 and is expected to continue rising. Many proposals regarding the ways to curb the government deficit and the resulting debt are being discussed. In this paper we incorporate these different policy proposals in a fully...

Turkish GDP per working age person grows at a rate of 3.85 percent also turns out to be a period when Turkey falls behind its peers significantly. These observations point to two questions: 1. What factors are responsible for the low relative growth in Turkey compared to Greece, Portugal, and...

Our results indicate that despite the large demographics changes that took place, medium term fluctuations in hours worked are hardly impacted by them.