boom yields consistently positive excess returns. This excess return compensates for the risk of high negative returns in … countries on risk aversion, and low (high) risk aversion currencies depreciate (appreciate) in times of global turmoil …

tax collection and exogenously given public spending and initial debt. We ask whether the externalizes associated with an …

. Consistent with theory, I find that stronger tax competition increases deficits in a sample of OECD countries, controlling for …I analyze the dynamic effects of tax competition on public budget deficits. I find that stronger tax competition leads … mobility, further liberalization leads to external imbalances and diverging fiscal deficits while corporate tax rates converge …

economic theory prescribes that the advertising volume can be optimally reduced by levying a tax on ads. However, making use of … recent advances in the theory of Industrial Organization and two-sided markets we show that taxing ads may be … counterproductive. In particular, we identify a number of situations in which ad-adverse consumers are negatively affected by the tax …

concerning the health effects of the consumption of fat and of healthy goods. The level of the fat tax is determined through … fraction of the fat tax proceeds is “earmarked” to reduce health insurance premiums while the remaining fraction finances a … welfare, anticipating the induced political equilibrium. We show that the fat tax in the political equilibrium is always lower …

There exists a wide variety of tax treatments of pensions across the world. And the reasons for such a range of regimes …

, the tax base. A higher taxable income, in turn, can make tax evasion more attractive. We show for various specifications … of preferences that the tax base effect generally dominates. Consequently, relative consumption effects tend to reduce … tax evasion. This is true, irrespective of whether tax parameters are exogenous, guarantee a balanced budget or are set …

We study the optimal tax system in a dynamic model where differences in wages induce differences in inheritances, and … framework. In particular, given an optimal income tax, a bequest tax as well as a consumption tax are potential instruments for … additional redistribution. For the bequest tax the sign of the overall welfare effect depends on the reaction of bequests and on …