Showing 1 - 10 of 38
substantial. In addition to confirming some features of contract theory, the results lend support to the bonding models of Becker …
Persistent link: https://www.econbiz.de/10013247206
Does it pay to work? Given the number and complexity of federal and state tax and transfer systems, this is a tough question to answer. The problem is greatly compounded by the fact that what one earns in one year alters not just current taxes and transfer payments in that year, but in future...
Persistent link: https://www.econbiz.de/10013228963
The economics workings of the corporate income tax remain controversial. Harberger's seminal 1962 article viewed the tax as raising the cost of capital used to produce corporate goods. But corporate goods can be and generally are made by non-corporate firms, suggesting that the corporate tax...
Persistent link: https://www.econbiz.de/10013140993
skilled labor. The depression in the wages of the young then limits their ability to save and invest in their own skill … economy with less human and physical capital, which further drives down their wages. This process stabilizes through time, but …
Persistent link: https://www.econbiz.de/10013096141
This paper surveys major issues in the theory of tax incidence. These include the incidence of taxes in dynamic as well … literature, rather it is offered to the reader as a pedoqogical piece that may be of use in teaching the theory of tax incidence …
Persistent link: https://www.econbiz.de/10013102560
Persistent link: https://www.econbiz.de/10012777157
Determining how to value net government obligations is a long-standing and fundamental question in public finance. Its answer is critical to cost-benefit analysis, the assessment of fiscal sustainability, generational accounting, and other economic issues. This paper posits and simulates a...
Persistent link: https://www.econbiz.de/10012941479
We investigate optimal consumption, asset accumulation and portfolio decisions in a realistically calibrated life-cycle model with flexible labor supply. Our framework allows for wage rate uncertainly, variable labor supply, social security benefits and portfolio choice over safe bonds and risky...
Persistent link: https://www.econbiz.de/10012759350
This paper presents a new solution to the time-consistency problem that appears capable of enforcing ex ante policy in a variety of settings in which other enforcement mechanisms do not work. The solution involves formulating a law, institution, or agreement that specifies the optimal ex ante...
Persistent link: https://www.econbiz.de/10012760314
This paper questions the widely accepted view that deficits have real effects in the life cycle model. Standard analyses of deficits within life cycle models treat the government as a dictatorial entity that can effect any intergenerational redistribution it desires. In contrast, this paper...
Persistent link: https://www.econbiz.de/10012760317