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Remoteness and unbalanced growth : understanding divergence across Indian districts
Das, Samarjit; Ghate, Chetan; Robertson, Peter E. - 2013
The existing literature on Indian growth finds no evidence of convergence across states. This represents a puzzle given … income and socio-economic data to explore the hypotheses of conditional convergence, using distance as an indicator of … internal geographical trade and migration costs. We find evidence of conditional convergence for Indian districts but at a rate …
Persistent link: https://www.econbiz.de/10010208649
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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
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Why was the participation of Indian states in the growth turnaround so patchy? : some evidence based on robustness analysis
Ghate, Chetan; Wright, Stephen - 2012
; Convergence ; Divergence ; Growth Regressions ; Common Factors …
Persistent link: https://www.econbiz.de/10009658258
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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
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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
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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
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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
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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