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Optimal Control of Externalities in the Presence of Income Taxation
Kaplow, Louis - 2010
A substantial literature examines second-best environmental policy, focusing particularly on how the Pigouvian directive that marginal taxes should equal marginal external harms needs to be modified in light of the preexisting distortion due to labor income taxation. Additional literature is...
Persistent link: https://www.econbiz.de/10012761266
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Environmental Tax Interactions When Pollution Affects Health or Productivity
Williams, Roberton C. - 2021
Numerous recent studies have indicated that interactions with a tax-distorted labor market increase the cost of pollution regulation. However, these studies have made restrictive assumptions regarding individual preferences and have ignored key links between pollution, human health, and labor...
Persistent link: https://www.econbiz.de/10013221285
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A Theory of Income Taxation Under Multidimensional Skill Heterogeneity
Rothschild, Casey - 2014
externalities. Agents in this model are characterized by an N-dimensional skill vector corresponding to intrinsic abilities in N …. Because externalities change the relative returns to different activities, corrective taxes induce changes in the across …
Persistent link: https://www.econbiz.de/10013060680
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The Importance of Education and Skill Development for Economic Growth in the Information Era
Hulten, Charles R. - 2017
The neoclassical growth accounting model used by the BLS to sort out the contributions of the various sources of growth in the U.S. economy accords a relatively small role to education. This result seems at variance with the revolution in information technology and the emergence of the...
Persistent link: https://www.econbiz.de/10012940803
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Preference Externalities : An Empirical Study of Who Benefits Whom in Differentiated Product Markets
Waldfogel, Joel - 2021
Theory predicts that in markets with increasing returns, the number of differentiated products and resulting consumer … externalities', an increase in the size of the market brings forth additional products valued by others with similar tastes. But who … benefits whom? We examine the patterns of and mechanisms for preference externalities between black and white and between …
Persistent link: https://www.econbiz.de/10013240531
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A Tale of Two Cities : Cross-Border Casino Competition between Detroit and Windsor
Chang, Juin-jen - 2017
-disorder and income-creation externalities. Two bordering casinos compete with each other for the external source of demand of …
Persistent link: https://www.econbiz.de/10012944642
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Optimal Policy with Heterogeneous Preferences
Kaplow, Louis - 2010
Optimal policy rules--including those regarding income taxation, commodity taxation, public goods, and externalities … preferences for commodities, public goods, and externalities are heterogeneous. When preference differences are observable …
Persistent link: https://www.econbiz.de/10012758594
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Bond Finance, Bank Credit, and Aggregate Fluctuations in an Open Economy
Chang, Roberto - 2016
Corporate sectors in emerging markets have noticeably increased their reliance on foreign financing, presumably reflecting low global interest rates. The evidence also shows a rebalancing from bank loans towards bonds. To study these developments, we develop a dynamic open economy model where...
Persistent link: https://www.econbiz.de/10012987606
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Optimal Stabilization Policy When Wages and Prices are Sticky : The Case of a Distorted Steady State
Benigno, Pierpaolo; Woodford, Michael - 2021
Erceg et al. (2000) show that when both wages and prices are sticky, maximization of expected utility is equivalent to minimizing a loss function with three terms, involving measures of the variability of wage inflation, price inflation and the output gap respectively. Here we generalize their...
Persistent link: https://www.econbiz.de/10013247280
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Inflation Stabilization and Welfare : The Case of a Distorted Steady State
Benigno, Pierpaolo; Woodford, Michael - 2021
This paper considers the appropriate stabilization objectives for monetary policy in a microfounded model with staggered price-setting. Rotemberg and Woodford (1997) and Woodford (2002) have shown that under certain conditions, a local approximation to the expected utility of the representative...
Persistent link: https://www.econbiz.de/10013247421