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Testing for common cyclical features in nonstationary panel data models

Hecq, Alain W. J.; Palm, Franz C.; Urbain, Jean-Pierre - 2000

In this paper we extend the concept of serial correlation common features to panel data models. This analysis is motivated both by the need to develop a methodology to systematically stu dy and test for common structures and comovements in panel data with autocorrelation present and by an...

Persistent link: https://www.econbiz.de/10009781522

Optimal taxation in a habit formation economy

Koehne, Sebastian; Kuhn, Moritz - 2014

We study implications of habit formation for optimal taxation. First, we show that taxation problems with habit formation can be analyzed using dynamic programming techniques. Second, we derive optimal labor and savings wedges for habit formation preferences. We show that habit formation...

Persistent link: https://www.econbiz.de/10010229853

On the taxation of durable goods and housing

Koehne, Sebastian - 2015

This paper proposes a theory of commodity taxation in the presence of durable goods. Optimal commodity taxes depend on preference nonseparabilities between durable and nondurable consumption. In particular, the seminal Atkinson-Stigliz result fails and differential commodity taxes are optimal...

Persistent link: https://www.econbiz.de/10010477086

Sectoral labor mobility and optimal monetary policy

Cantelmo, Alessandro; Melina, Giovanni - 2020

How should central banks optimally aggregate sectoral inﬂation rates in the presence of imperfect labor mobility across sectors? We study this issue in a two-sector New-Keynesian model and show that a lower degree of sectoral labor mobility, ceteris paribus, increases the optimal weight on...

Persistent link: https://www.econbiz.de/10012303953

Government spending and durable goods

Boehm, Christoph E. - 2016

This paper shows that the fiscal multiplier for purchases of durable and investment goods is very small - much smaller than the multiplier for nondurable goods. Standard models predict small durables multipliers because private sector purchases of durable goods are highly intertemporally...

Persistent link: https://www.econbiz.de/10011573302

A snapshot of public finance research from immediately prior to the pandemic : IIPF 2020

Agrawal, David R.; Davies, Ronald B.; LaLumia, Sara; … - 2021

As the COVID-19 pandemic has shaped public policies and government finances, it has also influenced the topics that public finance economists are researching. Because the 2020 International Institute of Public Finance (IIPF) Congress featured papers that were submitted prior to the start of the...

Persistent link: https://www.econbiz.de/10012602343

The weight of inequality : variation with industrialization and wealth

Carson, Scott Alan - 2015

, 19th century weight was higher in states with greater average wealth and population density and lower in states with … greater wealth inequality. …

Persistent link: https://www.econbiz.de/10011392586

Recession depression : mental health effects of the 2008 stock market crash

McInerney, Melissa; Mellor, Jennifer M.; Nicholas, … - 2013

How do sudden, large wealth losses affect mental health? Most prior studies of the causal effects of material well … market accumulations may not inform this question if the effect of wealth on health is asymmetric. We use exogenous variation … in the interview dates of the 2008 Health and Retirement Study to assess the impact of large wealth losses on mental …

Persistent link: https://www.econbiz.de/10009748354

Buffer-stock saving and households' response to income shocks

Fella, Giulio; Frache, Serafin; Koeniger, Winfried - 2016

We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel … information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …

Persistent link: https://www.econbiz.de/10011551036

The (un)Importance of inheritance

Black, Sandra E.; Devereux, Paul J.; Landaud, Fanny; … - 2022

well as at all levels of net wealth at a point in time. Gifts and inheritances are only an important source of income flows … extreme wealth inequality in society. …

Persistent link: https://www.econbiz.de/10012815788