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Public provision of private goods and nondistortionary marginal tax rates

Blomquist, Sören; Christiansen, Vidar; Micheletto, Luca - 2008

The incidence and efficiency losses of taxes have usually been analysed in isolation from public expenditures. This negligence of the expenditure side may imply a serious misperception of the effects of marginal tax rates. The reason is that part of the marginal tax may in fact be payment for...

Persistent link: https://www.econbiz.de/10010264362

The welfare gains of age related optimal income taxation

Bastani, Spencer; Blomquist, Sören; Micheletto, Luca - 2010

Using a calibrated overlapping generations model we quantify the welfare gains of an age dependent income tax. Agents face uncertainty regarding future abilities and can by saving transfer consumption across periods. The welfare gain of switching from an age-independent to an age-dependent...

Persistent link: https://www.econbiz.de/10010274858

Reasons for the Demise of Interest : Savings Glut and Secular Stagnation or Central Bank Policy?

Schnabl, Gunther - 2019

for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal …, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … nihilo and the need of time to produce capital invalidates the IS identity assumed in the Keynesian theory to hold …

Persistent link: https://www.econbiz.de/10012858697

In praise of tax havens: international tax planning and foreign direct investment

Hong, Qing; Smart, Michael - 2007

The multinationalization of corporate investment in recent years has given rise to a number of international tax avoidance schemes that may be eroding tax revenues in industrialized countries, but which may also reduce tax burdens on mobile capital and so facilitate investment. Both the welfare...

Persistent link: https://www.econbiz.de/10010264087

Incorporating affirmative action into the welfare state

Blumkin, Tomer; Margalioth, Yoram; Sadka, Efraim - 2007

In this paper, we discuss a novel aspect of affirmative action policy. We examine its redistributive role, asking whether in an egalitarian society, supplementing the tax-transfer system with an affirmative action policy would enhance social welfare.

Persistent link: https://www.econbiz.de/10010264133

Efficiency enhancing taxation in two-sided markets

Kind, Hans Jarle; Koethenbuerger, Marko; Schjelderup, … - 2008

This paper examines the efficient provision of goods in two-sided markets and characterizes optimal specific and ad-valorem taxes. We show that (i) a monopoly may have too high output compared to the social optimum; (ii) output may be reduced by imposing negative value-added taxes (subsidy) or...

Persistent link: https://www.econbiz.de/10010264333

Public provision of private goods, tagging and optimal income taxation with heterogeneity in needs

Bastani, Spencer; Blomquist, Sören; Micheletto, Luca - 2010

Previous literature has shown that public provision of private goods can be a welfare-enhancing device in second-best settings where governments pursue redistributive goals. However, three issues have so far been neglected. First, the case for supplementing an optimal nonlinear income tax with...

Persistent link: https://www.econbiz.de/10010274955

Uncertainty and Monetary Policy During Extreme Events

Pellegrino, Giovanni - 2020

How damaging are uncertainty shocks during extreme events such as the great recession and the Covid-19 outbreak? Can monetary policy limit output losses in such situations? We use a nonlinear VAR framework to document the large response of real activity to a financial uncertainty shock during...

Persistent link: https://www.econbiz.de/10012822498

Market-Based Monetary Policy Uncertainty

Bauer, Michael - 2019

This paper investigates the role of monetary policy uncertainty for the transmission of FOMC actions to financial markets using a novel model-free measure of uncertainty based on derivative prices. We document a systematic pattern in monetary policy uncertainty over the course of the FOMC...

Persistent link: https://www.econbiz.de/10012871021

Uncertainty and Monetary Policy During the Great Recession

Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni - 2021

We employ a nonlinear VAR framework and a state-of-the-art identification strategy to document the large response of real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this evidence with an estimated DSGE framework featuring a concept...

Persistent link: https://www.econbiz.de/10013235107

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