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On the water-energy-food nexus: is there multivariate convergence?

Bollino, Carlo Andrea; Galeotti, Marzio - 2021

This paper provides new evidence on the convergence process of energy, water and food per capita consumption levels for … multivariate sigma and beta-convergence. The results reveal that there is evidence of sigma- absolute beta- and conditional beta-convergence … impact of each variable on the others in the analyzed countries. The speed of convergence is simulated to assess when the …

Persistent link: https://www.econbiz.de/10012487810

Convergence to rational expectations in learning models : a note of caution

Chien, YiLi; Cho, In-Koo; Ravikumar, B. - 2020

Persistent link: https://www.econbiz.de/10012308082

Besides promising economic growth, will the Italian NRRP also produce fewer emissions?

Romani, Ilenia; Galeotti, Marzio; Lanza, Alessandro - 2022

The funds allocated by the National Recovery and Resilience Plan (NRRP) aim to trigger a multiplier effect on GDP as they are designed to help the recovery after the Covid-19 pandemic. The GDP increase is in turn expected to drive energy consumption up which will increase CO2 emissions, given...

Persistent link: https://www.econbiz.de/10012990148

Aiyagari meets Ramsey : optimal capital taxation with incomplete markets

Chen, Yunmin; Chien, YiLi; Yang, C. C. - 2017

What is the prescription of Ramsey capital taxation in the long run? Aiyagari (1995) addressed the question in a heterogeneous-agent incomplete-markets (HAIM) economy, showing that a positive capital tax should be imposed to implement the so-called modified golden rule (MGR). This paper revisits...

Persistent link: https://www.econbiz.de/10011690841

Optimal fiscal policies under market failures

Chien, YiLi; Wen, Yi - 2020

The aggregate capital stock in a nation can be overaccumulated for many different reasons. This paper studies which policy or policy mix is more effective in achieving the socially optimal (golden rule) level of aggregate capital stock in an infinite-horizon heterogeneous-agents...

Persistent link: https://www.econbiz.de/10012216720

Are government bonds net wealth or a liability? : optimal debt and taxes in an OLG model with uninsurable income risk

Chien, YiLi; Wen, Yi; Yu, HsinJung - 2020

The rapidly growing national debt in the U.S. since the 1970s has alarmed and intrigued the academic world. Consequently, the concept of dynamic (in)efficiency in an overlapping generations (OLG) world and the importance of the heterogeneous-agents and incomplete markets (HAIM) hypothesis to...

Persistent link: https://www.econbiz.de/10012216790

Optimal Ramsey capital income taxation : a reappraisal

Chien, YiLi; Wen, Yi - 2017

This paper addresses a long-standing problem in the optimal Ramsey capital taxation literature. The tractability of our model enables us to solve the Ramsey problem analytically along the entire transitional path. We show that the conventional wisdom on Ramsey tax policy and its underlying...

Persistent link: https://www.econbiz.de/10011780930

Don't tax capital - optimal Ramsey taxation in heterogeneous agent economies with quasi-linear preferences

Chien, YiLi; Wen, Yi - 2019

We build a tractable heterogeneous-agent incomplete-markets model with quasi-linear preferences to address a set of long-standing issues in the optimal Ramsey taxation literature. The tractability of our model enables us to analytically prove the existence of a Ramsey steady state and establish...

Persistent link: https://www.econbiz.de/10011997961