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Optimal Taxation in Theory and Practice
Mankiw, N. Gregory - 2010
We highlight and explain eight lessons from optimal tax theory and compare them to the last few decades of OECD tax … policy. As recommended by theory, top marginal income tax rates have declined, marginal income tax schedules have flattened … theory. Moreover, some of theory's more subtle prescriptions, such as taxes that involve personal characteristics, asset …
Persistent link: https://www.econbiz.de/10013152503
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Factor Model Forecasts of Exchange Rates
Engel, Charles M. - 2012
We construct factors from a cross section of exchange rates and use the idiosyncratic deviations from the factors to forecast. In a stylized data generating process, we show that such forecasts can be effective even if there is essentially no serial correlation in the univariate exchange rate...
Persistent link: https://www.econbiz.de/10013100676
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The Effects of Fiscal Consolidations : Theory and Evidence
Alesina, Alberto F. - 2017
We investigate the macroeconomic effects of fiscal consolidations based upon government spending cuts, transfers cuts and tax hikes. We extend a narrative dataset of fiscal consolidations, with details on over 3500 measures for 16 OECD countries. We show that government spending cuts and cuts in...
Persistent link: https://www.econbiz.de/10012956924
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Asset Prices, Consumption, and the Business Cycle
Campbell, John Y. - 2010
stylized facts that characterize US data, and relates them to recent developments in equilibrium asset pricing theory. Data …
Persistent link: https://www.econbiz.de/10012763609
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Do Nontraded Goods Explain the Home Bias Puzzle?
Pesenti, Paolo A. - 2010
Interpretations of the home bias puzzle in international finance have fre- quently focused on the role of fluctuations in domestic nontraded output, through their effects on the marginal utility of tradables consumption. This paper assesses the empirical evidence of this aproach, by deriving an...
Persistent link: https://www.econbiz.de/10012763897
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Measuring the ''World'' Real Interest Rate
King, Mervyn - 2014
Over the past couple of decades, and especially since the financial crisis in 2008-09, real interest rates have collapsed. For much of the past two years they have been negative, but they have been trending down for some while. But how far have real rates fallen? This note computes a measure of...
Persistent link: https://www.econbiz.de/10013059096
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New Directions for Stochastic Open Economy Models
Obstfeld, Maurice; Rogoff, Kenneth - 2021
The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade....
Persistent link: https://www.econbiz.de/10013221940
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Asset Price Bubbles and Systemic Risk
Brunnermeier, Markus K.; Rother, Simon C.; Schnabel, Isabel - 2021
We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty years. Systemic risk of banks rises already during a bubble’s build-up phase, and even more so during its bust. The increase differs strongly across banks and bubble...
Persistent link: https://www.econbiz.de/10013224874
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Noise Trading and Exchange Rate Regimes
Jeanne, Olivier; Rose, Andrew Kenan - 2021
Both the literature and new empirical evidence show that exchange rate regimes differ primarily by the noisiness of the exchange rate, not be measurable macroeconomic fundamentals. This motivates a theoretical analysis of exchange rate regimes with noise traders. The presence of noise traders...
Persistent link: https://www.econbiz.de/10013225813
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Fiscal Policy, Profits, and Investment
Alesina, Alberto F.; Ardagna, Silvia; Perotti, Roberto; … - 2021
This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. In particular, we investigate how different types of fiscal policy affect profits and , as a result, investment. We find a sizable negative effect of public spending -- and in particular of its...
Persistent link: https://www.econbiz.de/10013240622