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Firm-Specific Productivity Risk Over the Business Cycle : Facts and Aggregate Implications

Bachmann, Ruediger - 2009

question in the context of a heterogeneous-firm RBC model with persistent firm-level productivity shocks and lumpy capital …

Persistent link: https://www.econbiz.de/10013154684

Exchange Rate Uncertainty and International Portfolio Flows

Caporale, Guglielmo Maria - 2013

This paper examines the impact of exchange rate uncertainty on different components of portfolio flows, namely equity and bond flows, as well as the dynamic linkages between exchange rate volatility and the variability of these two types of flows. Specifically, a bivariate GARCH-BEKK-in-mean...

Persistent link: https://www.econbiz.de/10013081704

Does Capital Tax Uncertainty Delay Irreversible Risky Investment?

Niemann, Rainer; Sureth-Sloane, Caren - 2021

Tax uncertainty is often claimed to be harmful for investments. Capital taxes, such as property and wealth taxes, are … particularly exposed to tax uncertainty. Capital tax uncertainty emerges from expected tax reforms, the unclear outcome of future … tax audits, and simplified estimates of capital tax bases in investment models. Uncertain returns on investment as well as …

Persistent link: https://www.econbiz.de/10013315489

Commodity Tax Structure Under Uncertainty in a Perfectly Competitive Market

Goerke, Laszlo - 2011

In a partial equilibrium setting without price uncertainty, the balanced-budget substitution of an ad valorem tax on output for a specific (unit) tax can enhance welfare in imperfectly competitive markets and is without impact in a competitive world. This paper demonstrates that a substitution...

Persistent link: https://www.econbiz.de/10013130099

Global Warming and Extreme Events : Rethinking the Timing and Intensity of Environmental Policy

Chen, Yu-Fu - 2010

The possibility of low-probability extreme events has reignited the debate over the optimal intensity and timing of climate policy. In this paper we therefore contribute to the literature by assessing the implications of low-probability extreme events on environmental policy in a continuous-time...

Persistent link: https://www.econbiz.de/10013139799

Optimal Income Taxation with Uncertain Earnings : A Synthesis

Boadway, Robin - 2011

We study optimal nonlinear income taxation when earnings can differ because of both ability and luck, so the income tax has both a redistributive role and an insurance role. A substantial literature on optimal redistribution in the absence of uncertainty has evolved since Mirrlees' original...

Persistent link: https://www.econbiz.de/10013117794

Risk Sharing in Defined-Contribution Funded Pension Systems

Beetsma, Roel M. W. J. - 2011

This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate welfare, as measured by equivalent variations. While...

Persistent link: https://www.econbiz.de/10013118167

Failure of Ad Valorem and Specific Tax Equivalence Under Uncertainty

Goerke, Laszlo - 2012

Applying a framework of perfect competition under uncertainty, we contribute to the discussion of whether or not ad valorem taxes and specific taxes are equivalent. While this equivalence holds without price uncertainty, we show that ad valorem taxes and specific taxes are “almost never”...

Persistent link: https://www.econbiz.de/10013100011

Endogenous Growth, The Distribution of Wealth, and Optimal Policy Under Incomplete Markets and Idiosyncratic Risk

Clemens, Christiane - 2012

welfare. We employ the prototypical policy implications of the underlying growth model (i.e. subsidizing capital returns) and …

Persistent link: https://www.econbiz.de/10013105141

Emissions Taxes and Abatement Regulation under Uncertainty

Christiansen, Vidar - 2013

We consider environmental regulation in a context where firms invest in abatement technology under conditions of uncertainty about subsequent abatement cost, but can subsequently adjust output in the light of true marginal abatement cost. Where an emission tax is the only available instrument,...

Persistent link: https://www.econbiz.de/10013086398