Global merchandise trade expanded rapidly over the last 6 1/2 decades and its relationship with global income has seen … exports and income. The paper estimates trade and income elasticities using ADL models taking account of structural breaks … and income are in a 'new normal' or only 'back to (an old) normal' after the GTC and GFC …

The paper provides estimates of the long-run, tax-adjusted, user cost elasticity of capital (UCE) in a small open … the interest rate or on the price of capital equipment. Reductions in the federal corporate income tax rate during the … first differences (DLM). With the ECM, our baseline UCE for machinery and equipment (M&E) is -1.312. The corresponding semi-elasticity …

This paper assesses a possible explanation for the global downward trend in top personal income tax rates over the last … income, which would imply lower optimal tax rates. The paper estimates elasticities of taxable income for top income earners …

We revisit Lipset's law, which posits a positive and significant relationship between income and democracy. Using … dynamic and heterogeneous panel data estimation techniques, we find a significant and negative relationship between income and … democracy: higher/lower incomes per capita hinder/trigger democratization. Decomposing overall income per capita into its …

This paper develops a framework for the quantitative analysis of individual income dynamics, mobility and welfare …. Individual income is assumed to follow a stochastic process with two (unobserved) components, an i.i.d. component representing … measurement error or transitory income shocks and an AR(1) component representing persistent changes in income. We use a tractable …