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Life cycle asset allocation in the presence of housing and tax-deferred investing
Marekwica, Marcel; Schaefer, Alexander; Sebastian, Steffen - In: Journal of Economic Dynamics and Control 37 (2013) 6, pp. 1110-1125
We study the dynamic consumption-portfolio problem over the life cycle, with respect to tax-deferred investing for … creates potential for tax arbitrage. Specifically, investors can deduct mortgage interest payments from taxable income, while … simultaneously earning interest in tax-deferred accounts tax-free. Matching empirical evidence, our model predicts that investors …
Persistent link: https://www.econbiz.de/10010871039
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Optimal portfolio choice with wash sale constraints
Astrup Jensen, Bjarne; Marekwica, Marcel - In: Journal of Economic Dynamics and Control 35 (2011) 11, pp. 1916-1937
holdings in order to prepare for a decrease in a future period to earn the tax rebate payment. Our findings are robust to …
Persistent link: https://www.econbiz.de/10010574007
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Asset allocation over the life cycle: How much do taxes matter?
Fischer, Marcel; Kraft, Holger; Munk, Claus - In: Journal of Economic Dynamics and Control 37 (2013) 11, pp. 2217-2240
We study the welfare effect of tax-optimizing portfolio decisions in a life cycle model with unspanned labor income and … fully tax-optimized portfolio decisions are less than 2% of present financial wealth and lifetime income compared to a ….S.), investors with strong bequest motives face substantial welfare costs when not tax-optimizing their portfolio decisions towards …
Persistent link: https://www.econbiz.de/10010703126
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Tax Policy and Reform for Foreign Direct Investment in Developing Countries
International Monetary Fund (IMF); International … - 1990
This paper identifies tax factors in 21 developing countries that have an impact on foreign direct investment flows. It … categorizes those factors into issues associated with tax coordination; tax rates and rate structures; and composition of the tax … base. Recent actions by countries reveal no clear pattern in their attempts to increase tax coordination, while many have …
Persistent link: https://www.econbiz.de/10005263965
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Mobilizing Revenue in Sub-Saharan Africa; Empirical Norms and Key Determinants
International Monetary Fund (IMF); International … - 2012
natural resources, are important determinants of tax revenue. …
Persistent link: https://www.econbiz.de/10011242287
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The effects of public spending externalities
Ercolani, Valerio; Valle e Azevedo, João - In: Journal of Economic Dynamics and Control 46 (2014) C, pp. 173-199
We conduct a positive analysis on the effects of ‘externalities’ produced by government spending. To this effect, we estimate, using U.S. data, an RBC model with two salient features. First, we allow government consumption to directly affect the marginal utility of consumption. Second, we...
Persistent link: https://www.econbiz.de/10010906782
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Health insurance reform: The impact of a Medicare buy-in
Hansen, Gary D.; Hsu, Minchung; Lee, Junsang - In: Journal of Economic Dynamics and Control 45 (2014) C, pp. 315-329
labor income tax rate of just 0.03–0.18 percent depending on how the program is implemented. …
Persistent link: https://www.econbiz.de/10010906785
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Dealing with a liquidity trap when government debt matters: Optimal time-consistent monetary and fiscal policy
Burgert, Matthias; Schmidt, Sebastian - In: Journal of Economic Dynamics and Control 47 (2014) C, pp. 282-299
How does the need to preserve government debt sustainability affect the optimal monetary and fiscal policy response to a liquidity trap? To provide an answer, we employ a small stochastic New Keynesian model with a zero bound on nominal interest rates and characterize optimal time-consistent...
Persistent link: https://www.econbiz.de/10010939755
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Public versus private provision of liquidity: Is there a trade-off?
Röhrs, Sigrid; Winter, Christoph - In: Journal of Economic Dynamics and Control 53 (2015) C, pp. 314-339
To what extent is public debt private liquidity? Much policy advice given in the aftermath of the financial crisis rests on the assumption that increasing public debt relaxes borrowing constraints of private households. This is the case for ad-hoc debt limits, which are exogenous to public...
Persistent link: https://www.econbiz.de/10011209205
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Financial fragility, sovereign default risk and the limits to commercial bank bail-outs
van der Kwaak, C.G.F.; van Wijnbergen, S.J.G. - In: Journal of Economic Dynamics and Control 43 (2014) C, pp. 218-240
We show that with intertwined weak banks and weak sovereigns, bank recapitalizations become much less effective. We construct a DSGE model with leverage constrained banks lending to firms and holding domestic government bonds. Bond prices reflect endogenously generated sovereign risk. This...
Persistent link: https://www.econbiz.de/10010871001