Previous literature demonstrates that in a computational life cycle model the optimal tax on capital is positive and … model that generates a large optimal tax on capital similar to the model in Conesa et al. (2009). First, the utility … his lifetime. Second, the government is allowed to tax accidental bequests at a separate rate from ordinary capital income …

This paper considers the impact of endogenous human capital accumulation on optimal tax policy in a life cycle model …. Including endogenous human capital accumulation, either through learning-by-doing or learning-or-doing, is analytically shown to …, then it is optimal to use a tax on capital in order to mimic such taxes. Quantitatively, introducing learning-by-doing or …

When economic capital is calculated using a portfolio model of credit value-at-risk, the marginal capital requirement …-based capital rules, including both the current Basel Accord and its proposed revision, assign a capital charge to an instrument … based only on its own characteristics. I demonstrate that ratings-based capital rules can be reconciled with the general …

Intangible capital is not a distinct factor of production as is physical capital or labor. Rather it is the "glue" that … creates value from other factor inputs. This perspective naturally suggests an empirical model in which intangible capital is …

2003), and that this leads to the exclusion of more than $3 trillion of business intangible capital stock. To assess the … importance of this omission, we add intangible capital to the standard sources-of-growth framework used by the BLS, and find that … growth. The rate of change of output per worker increases more rapidly when intangibles are counted as capital, and capital …

with an eye to rehabilitating convex costs of adjusting the capital stock. In recent firm-level work, the response of …, implying annual capital-stock adjustment speeds on the order of 15 to 35 percent. In aggregate data, I find that this … "fundamentalist" model can account for the reduced-form effect of output on investment and the estimated capital-stock adjustment …

by estimating the structural parameters of a canonical debt-contracting model with informational frictions. For this … spreads on publicly traded debt for about 900 U.S. firms over the period 1997Q1 to 2003Q3. Using nonlinear least squares, we … the expansionary period 1997-99, but rose sharply in 2000--especially for firms with higher ratios of debt to equity …